William McGuire, former Chairman and CEO of UnitedHealth, awaits court approval of his settlement with UnitedHealth and the Securities and Exchange Commission. If approved, McGuire's settlement will be a landmark settlement for any CEO in the industry, as he'd lose upwards of $600 million.
An independent panel of two former Minnesota Supreme Court justices reached an agreement with McGuire (along with other former top ranking UnitedHealth officials) after the panel reviewed the situation. The agreement, which abides by SEC action taken against the former CEO, would require McGuire to surrender 9.2 million company shares (that are worth about $320 million), his retirement pay (worth $91 million) and $8 million of his executive savings plan. This is all on top of another $200 million in options and an additional $7 million civil penalty fee.
To find out more about McGuire's settlement:
- read this Modern Healthcare article (reg. req.)
Related articles:
UnitedHealth financial troubles mount. Article
MN gets green light to investigate UnitedHealth stock options. Article
UnitedHealth trouble rises from the bottom. Article
UnitedHealth Group faces criminal inquiry. Article