UnitedHealth Backdating Suit Gets Class Status

Law360, New York (March 18, 2008, 12:00 AM EDT) -- A lawsuit over options backdating at UnitedHealth Inc. brought by the California Public Employees Retirement System has reportedly been granted class action status.

Judge James Rosenbaum of U.S. District Court for the District of Minnesota agreed with CalPERS that the case deserves to be treated as a class action and told attorneys to be ready for trial by July 1, the Associated Press reported.

The California retirement fund will now represent shareholders who claim their stock lost value after allegations of backdating were revealed in 2006....
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