LAWSUITS NEWS & LEGAL INFORMATION
UnitedHealth Reaches $925 Million Settlement
This is a settlement for the Securities/Stock Fraud lawsuit.
A proposed settlement between UnitedHealth and its shareholders has been given the green light by a federal judge, bringing to an end a class action lawsuit stemming from allegations of options backdating.
The settlement is for $925 million, $895 million of which will be paid by UnitedHealth, and the remaining $30 million by former Chairman and CEO William McGuire, who was forced to step down as a result of the scandal in 2006. His portion of the payment cancels $3.6 million in stock options.
The lead plaintiff in the case is the California Public Employees Retirement System.
Published on Aug-11-09
The settlement is for $925 million, $895 million of which will be paid by UnitedHealth, and the remaining $30 million by former Chairman and CEO William McGuire, who was forced to step down as a result of the scandal in 2006. His portion of the payment cancels $3.6 million in stock options.
The lead plaintiff in the case is the California Public Employees Retirement System.
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