Judge grants class-action in UnitedHealth backdating lawsuit
Minneapolis — (AP) - A federal judge in Minneapolis has granted class-action status to a lawsuit over options backdating at UnitedHealth Inc.
Judge James Rosenbaum agreed with the California Public Employees Retirement System that the case deserves to be treated as a class action.
The California retirement fund will now represent shareholders who claim their stock lost value after the allegations of backdating were revealed in 2006.
UnitedHealth has argued that CalPERS actually made money on its UnitedHealth shares.
The plaintiffs haven't put a dollar amount on their claim, but CalPERS attorney Ramzi Abadou says it's in the billions.
A UnitedHealth spokesman had no immediate comment.
(Copyright 2008 by The Associated Press. All Rights Reserved.)