United health backdating

A copy of the settlement agreement between Lubben and the company and the derivative plaintiffs’ counsel can be found here.The United Health press release also stated that under the settlement agreement that the company reached with its former director William Spears, “the fair settlement value of the Company’s claims …Now one of America's best-known billionaires, thanks to appearances this week on national TV and in the Wall Street Journal, Mc Guire said he believed that everything he and several other top executives and board members did was acceptable and within United's corporate rules.Several board members publicly praised Mc Guire's leadership and vision and said he was more than entitled to a piece of the additional tens of billions of market value added under his tenure. Despite posting more record quarterly results this week, UNH shares are down so far in 2006, and off more than 20 percent from their high of 2005. INITIAL_PROPS_HEADER = {"data":,"id":"header","context":{"article Id":"SB119697535545316199","corp Hat":[,],"customer Nav":{"user":null,"ads":,"urls":{"login Url":"https://com/login?target=https://com/articles/SB119697535545316199","logout Url":"https://com/logout? article (here) states that “if approved by a court, the settlement …would be the largest ever in a ‘derivative’ suit…according to data compiled by Bloomberg.” Separately, the SEC announced on December 6, 2007 (here) that it had reached a 8 million enforcement action settlement with Mc Guire, which, the SEC said, includes the “largest penalty assessed against an individual in an options backdating case.” The 8 million SEC settlement consists of “a milllion civil penalty and reimbursement to the Minneapolis-based health care company for all incentive- and equity-based compensation he received from 2003 through 2006.” The SEC’s press release also stated that the Mc Guire settlement “is the first with an individual under the ‘clawback’ provision (Section 304) of the Sarbanes-Oxley Act to deprive corporate executives of their stock sale profits and bonuses earned while their companies were misleading investors.” According to United Health’s press release, Mc Guire’s settlement consists of the following elements: According to the company.these amounts, combined with a previous repricing of all stock options awarded to Dr.

The company also announced that its former CEO William Mc Guire had agreed surrender certain rights and interests which, together with previous repricing of all stock options awarded to Mc Guire, have a value in excess of 0 million.All of these serve as a reminder as to how much the CEO pay-setting process is broken." Mc Guire, a physician, has led once-reeling United through 15 years of unprecedented growth and profits, particularly over the past eight years.UNH grew through consolidation of national competitors and as a seller of innovative programs and back-office processing to other health insurers trying to contain costs.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.Mc Guire from 1994 to 2002, result in a total value to be relinquished by Mc Guire in excess of 0 million.

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