McGuire gives up more than $400 million to settle with UnitedHealthby Annie Baxter, Minnesota Public Radio
Minneapolis — Former UnitedHealth Chief Executive Officer William McGuire has agreed to surrender more than $400 million to settle a lawsuit related to a stock-options backdating scandal.
The Securities and Exchange Commission and the Minnetonka-based insurer announced the settlement Thursday. Combined with a previously announced repricing of his stock options that cost him $200 million, McGuire will give up more than $600 million of the wealth he accumulated running UnitedHealth Group for 15 years.
UnitedHealth spokesman Don Nathan says the company is moving on from the stock options backdating scandal.
"What we're really focusing on is how can we better serve our customers, how can we better serve physicians, hospitals, all those with whom we work," says Nathan. He says "by doing that we will do well for our business, and that's really what all our people have been focused on."
The SEC says this is the largest penalty assessed against a person in an options backdating case.