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Browse: Home / 2009 / February / 08 / Attorneys Seek $110 Million in Fees in UnitedHealth Group Options Backdating Settlement

Attorneys Seek $110 Million in Fees in UnitedHealth Group Options Backdating Settlement

By Securities Docket on February 8, 2009, 1:39 pm

Attorneys for shareholders of UnitedHealth Group (UNH) have requested attorneys’ fees of $110 million in connection with the recent $925.5 million settlement of a lawsuit alleging improper backdating of stock options. The Star Tribune reports that UnitedHealth agreed in July to pay $895 million to settle the suit, and former CEO William McGuire agreed two months later to pay $30 million in the settlement.

The fee request represents about 12 percent of the recovery and is reportedly based on a 2007 agreement with the lead plaintiff (the California Public Employees’ Retirement System) and lawyers from the law firm Coughlin Stoia Geller Rudman & Robbins. The Star Tribune reports that in a Jan. 28 court filing, lawyers argued that “[b]y any measure, the settlement is record-breaking and provides a substantial benefit to the class.”

Read the Star Tribune article

Posted in Class Actions | Tagged Fees, Settlements

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