UnitedHealth $895 Million Backdating Accord Approved
August 11, 2009
Andrew M. Harris and Margaret Cronin Fisk
© 2009 Bloomberg
UnitedHealth Group Inc., the largest U.S. health insurer, and investors won final court approval of the $895 million settlement of a lawsuit in which the company was accused of improperly backdating stock options.
U.S. District Judge James M. Rosenbaum approved the accord yesterday in Minneapolis. He also approved a $30 million settlement by former UnitedHealth Chief Executive Officer William McGuire reached in September..
“The $925 million settlement amount is substantial,” Rosenbaum said in a written order. “The parties represent, and the court has no doubt, defendants are able to pay that amount.”
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