McGuire to pay $30 million in settlement

Former UnitedHealth Group CEO William McGuire agreed to pay a settlement of $30 million--and also agreed to cancel options to buy 3.675 million shares of stock--after being accused of manipulating stock option awards nearly two years ago, says Modern Healthcare. According to CalPERS, which brought the suit against McGuire, the settlement will be "the largest cash recovery obtained from an individual defendant in a securities class-action lawsuit."

Although McGuire denies the accusations, this isn't the first time he's agreed to a settlement. In December of last year, McGuire reached a settlement with UnitedHealth and the SEC. Earlier this year, Minnetonka, Minn.-based UnitedHealth agreed to pay $895 million in a settlement between CalPERS and current or former top officials at the company.

For more:
- read the full article at Modern Healthcare

Suggested Articles

The profit margins and management of Community Health Group raise questions about oversight of managed care insurers.

Financial experts are warning practices about the pitfalls of promoting medical credit cards to their patients.

A proposed rule issued by HHS on Tuesday would expand short-term coverage, a move Seema Verma said will have "virtually no impact" on ACA premiums.