The government is suing to stop two colossal health insurance mergers

The Department of Justice has officially brought a lawsuit to stop the merger of four health insurance giants, according to CNBC.

The DOJ filed suits to block the mergers of Anthem and Cigna as well as Aetna and Humana. The combined value of the deals was roughly $91 billion.

The complaints, filed in US District Court in Washington DC, said that the mergers would not be in the best interest of consumers and be anti-competitive, according to the report from CNBC.

Additionally, Attorney General Loretta Lynch is scheduled to speak at 11 a.m. ET regarding a “significant antitrust announcement.”

The lawsuit had been long rumoured and the merger has faced intense pushback from lawmakers at the state and national level.

All four firms have been steadfast that the merger would in fact be good for consumers and not hurt competitiveness in the industry.

Spokespeople for the firms were not immediately available for comment.

Following the news, Anthem stock was higher by 1.17%, while Cigna was slightly lower by 0.09%

More to come…

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