UnitedHealth Sues Noteholders In Bid To Retain $850M

Law360, New York (October 27, 2006, 12:00 AM EDT) -- Against the backdrop of an options backdating scandal, UnitedHealth Group Inc. is seeking a declaratory judgment that it is not in default of $850 million in notes that a holding company is seeking to cash in on behalf of four hedge funds.

The lawsuit, filed on Thursday in the U.S. District Court for the District of Minnesota, comes in response to a notice of default sent to UnitedHealth by Cede & Co., the registered holder of the notes, on Aug. 28. (The Bank of New York...
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