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Dr. William McGuire Settles with the SEC and the UnitedHealth Group Special Litigation Committee on Stock Options Matter
Date:12/6/2007

Former CEO Agrees to Forego $420 Million in Compensation and Benefits

MINNEAPOLIS, Dec. 6 /PRNewswire-USNewswire/ -- Former CEO and Chairman of UnitedHealth Group Corporation, Dr. William McGuire, today agreed to terms with the UnitedHealth Special Litigation Committee (SLC) that call for McGuire to return more than $420 million in stock options and other compensation to settle issues related to the dating of stock options during his tenure as CEO of the company, in addition to the $198 million he has previously repaid by repricing options. The SLC has agreed to seek to have all derivative claims against Dr. McGuire dismissed with prejudice. The SLC made no findings of wrongdoing by Dr. McGuire.

In a related action, Dr. McGuire also reached a settlement with the Securities and Exchange Commission (SEC) which charged him with violating provisions of the Securities Exchange Act of 1934 and the Securities Act of 1933 and aiding and abetting violations by UnitedHealth Group; Dr. McGuire neither admitted nor denied the allegations and agreed to return to the Company approximately $460 million in options and other compensation benefits, which will satisfied by the SLC settlement, and to pay a civil penalty of $7 million, to be barred from serving as an officer or director of a public company for ten years, and to be enjoined from violating the securities laws in the future.

Together, the settlements resolve major legal actions involving Dr. McGuire, and help move him along the path of putting the options dating matters behind him.

"The last 18 months have been an extraordinarily challenging period for my family and me. I am very pleased to have reached a resolution that puts these matters to rest," Dr. McGuire said. "I am extremely proud of all that our team accomplished at UnitedHealth Group to improve health care and build a highly successful and innovative company, and I wish the Company well in fulfilling its mission."

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SOURCE Latham and Watkins, LLP
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