Cigna Health & Life Ins. Co. v. Audax Health Solutions, Inc.
Annotate this CasePlaintiff, Cigna Health and Life Insurance Co., challenged Optum Services, Inc’s acquisition by merger, via Audax Holdings, Inc., of Audax Health Solutions, Inc. Plaintiff moved for judgment on the pleadings, arguing that certain provisions of the merger agreement were contrary to the Delaware General Corporation Law. Those provisions related to a release of claims, an indemnification requirement, and the appointment of a stockholder representative. The Court of Chancery granted the motion in part and denied it in part, holding (1) the release of claims lacks any force because the buyer attempted to impose that obligation in a contract lacking consideration; (2) the indemnification provision violates 8 Del. Cas. 251; and (3) Plaintiff failed to brief the stockholder representative issue sufficiently to support its request for judgment as a matter of law.
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