Conn. court dismisses state workers’ case over $127M in stock profits they claim is owed

Conn. court dismisses case on $127M stock profits

HARTFORD, Conn. — Connecticut’s Supreme Court has dismissed a lawsuit against the state by workers who said they were entitled to $127 million in stock proceeds used by the state to fill a budget gap.

The 6-1 decision issued Wednesday centers on 2.2 million shares that Anthem Insurance Co. issued when it converted from a mutual company to a stock company in 2001.

Former public defender Ronald Gold alleged he and up to 40,000 other state workers were entitled to the profits as policyholders. The state said the government, not the individuals, held the policy.

Gold’s attorney says they still have a pending lawsuit against Anthem, alleging it gave the stock to the wrong entity.