Source:
Wall Street Journal via Corpwatchby VANESSA FUHRMANS , Wall Street Journal
September 11th, 2008
Former UnitedHealth Group Inc. Chief Executive William McGuire agreed to pay $30 million and forfeit 3.7 million stock options to settle shareholder claims related to options backdating, adding to what was already one of the largest executive-pay givebacks in history.
The agreement is Dr. McGuire's third major settlement of an options-backdating claim since revelations of the practice led to his ouster nearly two years ago. Dr. McGuire denied the allegations in the class-action lawsuit. UnitedHealth resolved the same case separately in July, agreeing to pay more than $895 million in the largest settlement of a backdating case to date ...
The current settlement resolves a class action led by the California Public Employees' Retirement System. As part of the deal, Dr. McGuire will pay the $30 million into a fund for shareholder plaintiffs, adding to the $895 million UnitedHealth agreed to pay.
David Lubben, UnitedHealth's former general counsel who was also ousted after a board-commissioned probe, also settled the Calpers-led suit yesterday, for $500,000.
Read more:
http://www.corpwatch.org/article.php?id=15176