Unitedhealth stock options backdating

Posted by / 08-Jan-2020 17:01

Unitedhealth stock options backdating

We use cookies and other technologies to customize your experience, perform analytics and deliver personalized advertising on our sites, apps and newsletters and across the Internet based on your interests.By clicking “I agree” below, you consent to the use by us and our third-party partners of cookies and data gathered from your use of our platforms.Chief Executive William Mc Guire has agreed to forfeit about 0 million in stock-option gains and retirement pay to settle civil and federal-government claims related to stock-option backdating.The settlement comes a year after the options-backdating scandal led to Dr. -snip- In the scandal, dozens of companies pretended that options were granted at an earlier date than they actually were.Mc Guire's ouster from the Minnetonka, Minn., company, one of the largest U. They picked dates when the stock price was at a low point, allowing executives to reap outsize gains.The giant payment helped to settle a separate Securities and Exchange Commission complaint, which also included an additional million civil penalty, the largest to date against an individual in a backdating case. Mc Guire still faces a criminal inquiry into the United Health options scandal by the U. attorney in Manhattan, although it isn't clear whether that will continue, in light of the SEC action.Directors also receive the standard fee for attendance by telephone if they are unable to attend a meeting, but receive an update by telephone prior to or after the meeting.

The initial grants are made automatically on the date the eligible director is first elected to the Board of Directors and become exercisable over the following three years at the rate of 12,000 shares per year.We provide health care coverage to current and past directors who are not eligible for coverage under another group health care benefit program or Medicare.Non-employee directors also receive grants of non-qualified stock options under the United Health Group Incorporated 2002 Stock Incentive Plan (the “ Stock Incentive Plan”).According to news reports (here), on September 8, 2008, Judge Jeremy Fogel of the Northern District of California preliminarily approved the settlement of the Apple options backdating derivative litigation.As reflected in the parties’ Stipulation of Agreement of Settlement (here), the plaintiffs in the consolidated Apple derivative action agreed to dismiss the action subject to the defendants agreement to pay million to the company; the defendants’ agreement to pay the plaintiffs’ counsel’s various attorneys’ fees and costs totaling .85 million; and the company’s agreement to adopt certain corporate governance reforms.

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The quarterly grants are made automatically on the first business day of each fiscal quarter and become exercisable immediately upon grant.