LAWSUITS NEWS & LEGAL INFORMATION
Stock Options
San Francisco, CA: (Dec-06-07) A special litigation committee, an independent body comprising of two former Minnesota Supreme Court justices, was put in charge of reviewing claims relating to UnitedHealth Group Inc.'s stock option practices. In a recent development, company officials announced that the committee has reached settlement agreements on behalf of the company with certain former executives, including ex-Chief Executive William McGuire.
As part of the agreement, McGuire will have to relinquish a total in excess of $600 million through the repricing and surrendering of stock options and other benefits. Sources stated that McGuire will surrender options to acquire about 9.22 million shares of the company's stock, which the committee valued at $320 million. Further, he also agreed to surrender both his interest in the company's supplemental executive retirement plan, valued at about $91 million, and the approximately $8 million in his executive savings plan account. [CNN NEWS: STOCK OPTIONS]
Published on Dec-7-07
As part of the agreement, McGuire will have to relinquish a total in excess of $600 million through the repricing and surrendering of stock options and other benefits. Sources stated that McGuire will surrender options to acquire about 9.22 million shares of the company's stock, which the committee valued at $320 million. Further, he also agreed to surrender both his interest in the company's supplemental executive retirement plan, valued at about $91 million, and the approximately $8 million in his executive savings plan account. [
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