wdab webb dating ab - United health options backdating

The backdating was approved by the board of directors, according to the Journal.

Several shareholder classes filed lawsuits accusing former United Health's directors of failing in their fiduciary duty to properly notify shareholders of the scheme.

From a D & O insurance perspective, it is noteworthy that all or virtually all of the amounts to be paid to the company or to the SEC may be characterized as disgorgement, return of ill-gotten gains, return of compensation to which the individual was not legally entitled, or fines and penalties.

united health options backdating-6

When Mc Guire joined United, it was an unprofitable regional health maintenance organization with annual revenues around $400 million.

When he left, United was one of the largest, most profitable, and most diversified healthcare companies in the world, with more than $70 billion in annual revenues, more than 50,000 employees, and more than sixty million health plan members.

Mc Guire joined United Healthcare in November 1988 as an executive vice president when the Peak Health Plan, of which he was then president and chief operating officer, was acquired by United.

In May 1989, he was appointed to the board of directors and became chief operating officer of United.

A copy of the United Health special litigation committee’s December 6, 2007 report can be found here. The magnitude of these settlements is obviously arresting.

The scale of the settlements is proportionate to the scale of the backdating problems at United Health, which had forced the company to restate

The scale of the settlements is proportionate to the scale of the backdating problems at United Health, which had forced the company to restate $1.13 billion in earnings over a 12-year period.Certain other current and former officers also agreed to relinquish certain rights and repay other amounts, which in combination with the repricing of certain stock option, have a value of approximately $300 million.According to the company’s statement: The SLC has valued the total amounts to be relinquished pursuant to these settlement agreements, together with the value previously and voluntarily relinquished by current and former executives, through the surrender and repricing of options, to be approximately $900 million.will be determined by binding arbitration.” According to the article, current United Health CEO Stephen J.Helmsley had agreed to repay $240 million, although the company apparently says he voluntarily did so months ago.The scale of these settlements could have a significant impact on at least some of the other pending options backdating derivative cases, particularly where the company has been forced to restate and where top company officials have personally benefited from the backdating.

||

The scale of the settlements is proportionate to the scale of the backdating problems at United Health, which had forced the company to restate $1.13 billion in earnings over a 12-year period.

Certain other current and former officers also agreed to relinquish certain rights and repay other amounts, which in combination with the repricing of certain stock option, have a value of approximately $300 million.

According to the company’s statement: The SLC has valued the total amounts to be relinquished pursuant to these settlement agreements, together with the value previously and voluntarily relinquished by current and former executives, through the surrender and repricing of options, to be approximately $900 million.

will be determined by binding arbitration.” According to the article, current United Health CEO Stephen J.

Helmsley had agreed to repay $240 million, although the company apparently says he voluntarily did so months ago.

The scale of these settlements could have a significant impact on at least some of the other pending options backdating derivative cases, particularly where the company has been forced to restate and where top company officials have personally benefited from the backdating.

||

The scale of the settlements is proportionate to the scale of the backdating problems at United Health, which had forced the company to restate $1.13 billion in earnings over a 12-year period.

Certain other current and former officers also agreed to relinquish certain rights and repay other amounts, which in combination with the repricing of certain stock option, have a value of approximately $300 million.

According to the company’s statement: The SLC has valued the total amounts to be relinquished pursuant to these settlement agreements, together with the value previously and voluntarily relinquished by current and former executives, through the surrender and repricing of options, to be approximately $900 million.

will be determined by binding arbitration.” According to the article, current United Health CEO Stephen J.

.13 billion in earnings over a 12-year period.

Certain other current and former officers also agreed to relinquish certain rights and repay other amounts, which in combination with the repricing of certain stock option, have a value of approximately 0 million.

According to the company’s statement: The SLC has valued the total amounts to be relinquished pursuant to these settlement agreements, together with the value previously and voluntarily relinquished by current and former executives, through the surrender and repricing of options, to be approximately 0 million.

will be determined by binding arbitration.” According to the article, current United Health CEO Stephen J.

Tags: , ,