In a new SEC filing, UnitedHealth Group has finally revealed some details of its previously-announced resolution to the class-action settlement shareholders filed over stock-option backdating by executives. The SEC filing shows that the shareholder group, led by the California Public Employees' Retirement System, has pushed UnitedHealth to make changes to its corporate governance policies, in addition to those it had made previously (though the SEC filings don't say what those changes are). UHG had already paid $895 million into a fund for CalPERS and the other plaintiffs, while admitting no wrongdoing.
The scandal originally dates to the tenure of former CEO William McGuire, who was forced to relinquish $400 million of the staggering $1.6 billion fortune he amassed there when it was revealed that he had allegedly engaged in back-dating of stock options to get the best possible price for them.
To learn more about the UHG settlement:
- read this Modern Healthcare piece (reg. req.)
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