Former UnitedHealth CEO settles options lawsuit

MINNEAPOLIS (AP) -- Former UnitedHealth Group Chief Executive William McGuire will pay $30 million and return more than 3 million shares of stock options to settle a class-action lawsuit.

The litigation was led by the California Public Employee Retirement System, also known as CalPERS. A statement from McGuire says the former CEO will pay the money to a fund for the benefit of the class.

That total will be added to the $895 million UnitedHealth agreed to pay earlier this year to settle a separate lawsuit also involving stock options.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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