Cigna Unit’s Medicare Reports Being Reviewed

Cigna Corp., the third-largest U.S. health insurer, said the Justice Department is investigating whether a New Mexico unit accurately reported costs to collect Medicare reimbursements.

Investigators are looking at Lovelace Health Systems Inc.’s annual Medicare reports from 1990 to 1999, Cigna said in a Securities and Exchange Commission filing. Lovelace provides insurance and medical care to about 250,000 people, according to its Web site.

Shares of Philadelphia-based Cigna fell $4.18, or 4.5%, to $89.70 on the New York Stock Exchange.