A federal judge has approved a settlement that pays UnitedHealth Group shareholders more than $900 million to resolve a class-action lawsuit over options backdating.
The Minnetonka, Minn.-based managed care company with operations in Hartford pays $895 million toward the settlement. Former Chairman and CEO William McGuire pays $30 million and cancels 3.6 million stock options.
The insurer’s former general counsel David J. Lubben contributes $500,000.
The case centers on a scandal over the backdating of stock options that forced McGuire to step down in 2006.
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U.S. District Court Judge James Rosenbaum gave preliminary approval to the settlement in December.
The lead plaintiff in the case is the California Public Employees Retirement System. (AP)
