CalPERS Sues UnitedHealth Over Options Backdating

Law360, New York (July 11, 2006, 12:00 AM EDT) -- A California pension fund that's investigating 23 companies over stock options backdating has begun its litigation campaign with a popular target—health care service provider UnitedHealth Group Inc.

With the securities lawsuit, the California Public Employees' Retirement System (CalPERS) has joined a growing legal battle against public companies targeted by lawsuits and government inquires into the popular executive perk.

Sacramento-based CalPERS, the largest public pension fund in the United States, owns about 6.7 million shares of UnitedHealth stock and boasts more than $200 billion in assets....
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