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