UnitedHealth's Ex-CEO Will Pay Back $620M

Ousted Maguire settles claims over backdating stock options
By Marcia Greenwood,  Newser Staff
Posted Dec 6, 2007 9:59 PM CST
William McGuire, then CEO of United Health Group, is shown in Minneapolis in this May 1, 2006, file photo. (AP Photo/Eric Miller, File)   (Associated Press)
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(Newser) – UnitedHealth's ex-CEO will surrender another $420 million in stock options and retirement pay to settle claims in a scandal over stock-option backdating. William McGuire already had forfeited $200 million to UnitedHealth when he was ousted last year, the Wall Street Journal reports, making his giveback one of the largest in history.

McGuire simultaneously agreed to pay a $7 million SEC fine, and he may still face criminal charges. He was among some 80 executives last year who lost their jobs in the backdating scandal. UnitedHealth's former general counsel also has agreed to repay $20.6 million in prior stock options gains.