UnitedHealth Group Inc.'s former chief executive officer William W. McGuire has agreed to give back more than $600 million in benefits, mostly stock options that investors claimed in a lawsuit were illegally backdated.
Other past and present officers have relinquished about $300 million, UnitedHealth said Thursday in a statement. Attorneys for pension funds in Ohio and other states that filed the lawsuit said current CEO Stephen J. Hemsley is paying $240 million, although the company said he isn't doing so as part of the settlement.
McGuire also agreed to pay a $7 million fine with the U.S. Securities and Exchange Commission. He was forced to resign in October 2006 after an independent law firm found evidence he participated in backdating.