Friday, December 7, 2007

Not guilty

The SEC said McGuire did not admit or deny guilt.

Voluntarily agrees to give up over $400 million but doesn't actually admit guilt?

Well just like trying to legally define what the meaning of the word 'is', is , we can legally haggle over the meaning of guilt . But paying $400 million in lieu of hard time seems to define the word for me .

UnitedHealth former CEO to forfeit $400M

William McGuire, the insurance company's former chief executive, agrees to surrender the funds as part of a settlement of a stock-options backdating lawsuit.

MINNEAPOLIS (AP) -- Former UnitedHealth Group Inc. Chairman and CEO William McGuire has agreed to surrender more than $400 million to settle a lawsuit related to a stock-options backdating scandal, the company and the Securities and Exchange Commission announced Thursday.

McGuire, who stepped down a year ago as the highest-profile corporate chief caught in the probe, will give up $320 million in stock options and forego more than $99 million in other retirement and executive savings benefits, the company said.

In a statement, the Securities and Exchange Commission valued the settlement at $468 million. The SEC said McGuire did not admit or deny guilt.

The SEC said it includes a $7 million civil penalty and reimbursement to the Minnetonka-based insurer for all incentive- and equity-based compensation he received from 2003 through 2006.

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