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Record-Breaking Financial Recovery Made in UnitedHealth Backdating Case
Date:12/7/2007

here is truly groundbreaking," commented Denise L. Nappier, the Treasurer of the State of Connecticut, who noted that the recovery translates to approximately 70% of the damages suffered by the Company through the issuance of backdated options. "No doubt the company is to be commended for owning up big time and negotiating a milestone outcome that is in the best interest of the company and its shareholders. We remain cautiously optimistic while this settlement is not an end to itself, it is a forerunner for final resolution of all issues with UnitedHealth."

Blumenthal said, "Corporate executives must realize that public corporations are not their private piggy banks. This landmark agreement is a powerful step toward enforcing real accountability. Executives work for their companies and shareholders, not solely for their personal enrichment."

In addition to derivative claims, the Connecticut Retirement Plans and Trust Funds also have asserted class action claims in the litigation. While an extraordinary development, the agreements with the former officers and directors do not end all shareholder action against UnitedHealth.

"Significant corporate governance reforms are still needed to ensure that the kinds of abuses that gave rise to this backdating scandal in the first place do not occur again," explained Nappier. She continued, "Although the Company already has adopted reforms since we commenced this litigation, we remain steadfast in our resolve to achieve the highest standards of ethical conduct, transparency and accountability for the benefit of all stakeholders."

Executive compensation is a priority corporate governance issue for Treasurer Nappier. The Treasurer's concerns stem from her belief that executive compensation is a "window" into board accountability.

In its report announcing the financial terms of the agreements, the Special Litigation Committee specifically credited numerous corporate governance reforms proposed by
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SOURCE Connecticut State Attorney General's Office
Copyright©2007 PR Newswire.
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