Record-Breaking Financial Recovery Made in UnitedHealth Backd... ( Over $887 Million To Be Recovered...)

Record-Breaking Financial Recovery Made in UnitedHealth Backdating Case

Date:12/7/2007

Over $887 Million To Be Recovered On Backdating Claims; Connecticut

Retirement Plans And Trust Funds Serves As Lead Plaintiffs

HARTFORD, Conn., Dec. 7 /PRNewswire/ -- Treasurer Denise L. Nappier and Attorney General Richard Blumenthal today announced agreements that will return over $887 million to UnitedHealth Group, Inc. (NYSE: UNH) in connection with an investigation into widespread backdating of stock options at the company.

The agreements -- by far, the largest recovery in any backdating case to date -- were negotiated as a partial response to a lawsuit pending in Minnesota brought on behalf of UnitedHealth by its shareholders. The Connecticut Retirement Plans and Trust Funds are a lead plaintiff in the case.

A Special Litigation Committee (SLC) that has been investigating claims relating to the widespread backdating of stock options at UnitedHealth has entered into today's agreements.

Under today's agreements, Dr. William McGuire - UnitedHealth's former Chairman and CEO -- will return approximately $420 million to the company; David Lubben, the company's former Secretary and General Counsel, agreed to repay over $25 million; and former director William Spears (who chaired the company's Compensation Committee) agreed to submit to binding arbitration, which may provide an additional award to the company. The company's current CEO, James Hemsley, also agreed to return an additional $50 million to the company. With previously announced option repricings from various employees and officers (including Messrs. McGuire, Lubben and Hemsley), which totaled over $388 million, these agreements will return more than $887.9 million in value to UnitedHealth.

"The financial recovery
'/>"/>

0

GOOD

Page: 1 2 3
Related medicine news :

1. UCI Medical Affiliates, Inc. Sponsors Doctors Care Record-breaking Drive Against Prostate Cancer
2. WorldHeart Appoints David Pellone Chief Financial Officer
3. Align Technology Executive to Present at Upcoming Financial Conferences
4. Somanetics Corporation to Release Third Quarter 2007 Financial Results and Host Conference Call September 19
5. Martek Announces Third Quarter 2007 Financial Results
6. Retired NYPD Lieutenants William E. Keegan, Jr., Owen McCaffery and John Moran and Tom Thees, a former COO in the financial industry, announce today the formation of H.E.A.R.T (Healing Emergency Aid Response Team) 911.
7. Presidential Candidates Address Health, Financial Security at AARPs Life@50+
8. VNUS Medical Technologies Announces Resignation of Chief Financial Officer and VP, Finance & Administration
9. NMHC Reports Fourth Quarter and Fiscal Year 2007 Financial Results
10. Transition Therapeutics Announces Fiscal 2007 Year End Financial Results
11. Peoples United Financial CEO Has Surgery

Post Your Comments:

Record-Breaking Financial Recovery Made in UnitedHealth Backd...( Over $887 Million To Be Recovered...),Health