Pension Funds Sue UnitedHealth Over Options Backdating

Law360 (May 19, 2006, 12:00 AM EDT) -- In a move that underscores growing concerns among shareholders and regulators about stock-option grants, five pension funds filed a lawsuit Thursday against UnitedHealthGroup Inc. and 17 of the company’s employees, claiming that executives unjustly profited from and harmed the company by backdating stock options.

The defendants in the case include former New Jersey governor and UnitedHealth Group board of directors member Thomas H. Kean; William W. McGuire, UnitedHealth’s chief executive officer; Chief Operating Officer Stephen Hemsley; and nine other members of the company’s board of directors....
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