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UnitedHealth options lawsuit draws to close
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U.S. District Judge James Rosenbaum gave final approval Wednesday to a 2007 settlement of a lawsuit over backdating of stock options at UnitedHealth Group.
The decision puts an end to a three-year-old case for the Minnetonka-based health insurer, where shareholders sued former chief executive Dr. William McGuire and other executives to recover money paid in stock options and other benefits.
The case resulted in a $500 million settlement in December 2007, though the value of the settlement has since deteriorated with the company's share price.
Rosenbaum also approved attorneys' fees and litigation expenses of just under $30 million, which was less than the $47 million that shareholders' attorneys had requested.
The case is separate from another multi-million dollar shareholder lawsuit brought by the California Public Employees' Retirement System (CalPERS) and Alaska Plumbing and Pipefitting Industry Pension Trust, also over backdated stock options.
That settlement has yet to receive final approval from Rosenbaum.
CHEN MAY YEE
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