A shareholder suit against UnitedHealth Group over its apparent manipulation of stock options in 2006 has been settled.
U.S. District Court Judge James Rosenbaum granted the shareholders, who filed the suit against the managed care company in 2007, a total of $29.3 million in attorney fees and $514,592 in litigation expenses, according to a Reuters’ report, citing court records filed in U.S. District Court in Minnesota.
The settlement was far less than the $47 million in attorney fees and $803,000 in legal expenses requested by the shareholders, according to the report.
Some executives at the managed care company, the parent company of UnitedHealthcare, which operates in the mid-Atlantic region, were found in an internal investigation in 2006 to have backdated stock options awards, which made those awards appear better than they were. The company’s former CEO, William McGuire, left the company that year, after the manipulations were discovered.


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