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Unitedhealth Gets Approval For Settlement Of Options Case

The shareholders who brought the charge against the company had sought $47 million in attorneys' fees

A federal judge has approved UnitedHealth Group, a US-based health insurer, for the settlement of a 2007 shareholder lawsuit related to past stock options practices – reported Reuters.

As per the court papers filed in the US district court in Minnesota, Judge James Rosenbaum also granted the plaintiffs in the lawsuit attorneys’ fees of $29.3 million and litigation expenses of $514,592.

The shareholders who brought the charge against the company had sought $47 million in attorneys’ fees and $803,592 in litigation-related expenses.

An internal company probe in 2006 had concluded that certain executives at UnitedHealth might have backdated stock options awards. It means that the grant dates were manipulated to make the awards more lucrative.