Isn't it odd that a company could be so persnickety when it comes to pinching pennies from doctors and patients, and so cavalier when it comes to lavishing executives with hundreds of millions of dollars of shareholders' money? Maybe what we have here is the most outrageous corporate scandal since Enron and World Com.
The crux of the United Health story concerns employee stock options.
According to the company, these amounts, combined with a previous repricing of stock options awarded to Lubben, result in a total value relinquished by Lubben of approximately million.
Anyone with health insurance from United Health Group knows what happens if you fail to fill in every box on the form, or attach the requisite back-up material, to get reimbursed for a prescription.
A copy of Mc Guire’s settlement agreement with the company and the derivative plaintiffs can be found here.
The United Health press release described the settlement with the company’s former General Counsel, David Lubben, as consisting of the surrender to United Health Group of his stock options to acquire 273,000 shares of Company stock, which the SLC valued in excess of million; and the repayment to the Company .55 million of the compensation realized by him as a result of his March 2007 exercise of stock options.