In what is likely to be a windfall for a top California plaintiffs firm, UnitedHealth Group announced it would pay a whopping $895 million to settle a securities class action over stock option backdating. Coughlin Stoia represents the California Public Employees' Retirement System, which Minnesota federal Judge James Rosenbaum appointed as lead plaintiff in April. The settlement amount dwarfs a recent $160 million Brocade deal, which until Wednesday had been the previous backdating record holder.
Coughlin Stoia's Backdating Bet Pays Big With UnitedHealth's $895 Million Settlement
July 3, 2008