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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.

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SOURCE Connecticut State Attorney General's Office
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