UnitedHealth To Settle Options Battles For $912M

Law360 (July 2, 2008, 12:00 AM EDT) -- Minneapolis-based managed health care company UnitedHealth Group announced Wednesday that it has reached proposed settlement agreements in two lawsuits relating to its stock options practices.

UnitedHealth Group has agreed to pay $895 million to settle a securities class action and $17 million to settle a lawsuit brought under the Employee Retirement Income Security Act.

UnitedHealth Group is one of many companies that became the target of investigations by federal prosecutors and the U.S. Securities and Exchange Commission over alleged stock options backdating. Last year, UnitedHealth Group announced that it had restated 12 years worth of earnings because of the options-backdating scandal....

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