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Judge freezes UnitedHealth CEO's options.
(From AFX Europe (Focus))
MINNEAPOLIS (AFX) - A federal judge on Thursday froze millions of dollars in unexercised stock options and retirement benefits of outgoing UnitedHealth chief William McGuire until 30 days after a company review of shareholder lawsuits is completed.
McGuire stepped down as chief executive on Thursday and previously resigned as chairman of the nation's second-largest health insurer.
In October, a company-sponsored investigation concluded that stock options awarded to McGuire and others were probably backdated, which means they weren't really issued when the company originally said they were. Backdating options can give recipients a larger profit than they otherwise may have gotten.
Judge James Rosenbaum said there was no opposition to the freeze from any of the parties in the case. "There has been a showing that all parties to these matters will benefit from the requested relief," he wrote.
The company has created an outside committee to review possible lawsuits over the stock options matter. The company gave the committee "a clear and broad mandate to review potential claims. ... Our clear goal here is to continue to do what is in the best interests of our shareholders," the company said in a written ...
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