Cigna Hit With Federal Sanctions Over Prescription Drug Benefit Administration

On Thursday, the Centers for Medicare and Medicaid Services informed Cigna Corporation

that it could no longer enroll or solicit new customers in its Medicare or prescription drug plans, effective 11:59 P.M Thursday night. The Centers for Medicare and Medicaid services reported in an SEC filing dated Jan. 22 that it found fault with Cigna's appeals, grievances and compliance departments and prescription drug benefits programs. In pre-market action, Cigna's shares rose 13 cents to $140.26.