Former UnitedHealth CEO William McGuire agreed Thursday to a settlement valued at $468 million, including giving back $320 million in stock options -- the largest penalty assessed against a person in an options backdating case. The settlement resolves a lawsuit brought by shareholders on behalf of the company, as well as a civil complaint by the SEC. But the SEC said its investigation of the company continues, and a review by the U.S. Attorney for the Southern District of New York is also outstanding.
December 10, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Getting former CEO William McGuire to give back hundreds of millions of dollars in tainted stock options cures one of UnitedHealth’s biggest headaches from its backdating scandal. But there are others.
McGuire agreed to a settlement the Securities and Exchange Commission valued at $468 million, including giving back $320 million in stock options. He had already agreed to reprice some stock options, reducing their value by another $200 million.
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