Mar 30, 2017

A Judicial Smackdown


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11/17/2008
Brian S. King
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I've been pretty hard on William McGuire, former CEO of UnitedHealth Group, for how much money he took out of company coffers to line his own nest. The facts that have come to light in the last couple of years show that a large portion of his gargantuan compensation before he stepped down was a sure bet because the game was rigged: UHG backdated his stock options to ensure he made the maximum amount possible on the shares he purchased. Once all this fixing of the rules came to light, disgruntled investors sued under the Private Securities Litigation Reform Act and we were off to the races. One of the first things UHG did in defending the case in litigation was to move to dismiss the investors' Complaint. It argued that, on its face, the language of the Complaint failed to state a claim on which relief could be granted. I've posted here a succinct and entertaining order from the court denying UHG's motion. I'm glad we have judges like James M. Rosenbaum. Gotta agree with him that The Sting is worth watching again.

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