The judge hearing the class action brought by UnitedHealth Group investors arising out of backdating stock options to benefit UHG CEO, Bill McGuire, agreed that the case may proceed as a class action this week. The California state employees pension fund, CalPERS, is one of the class representatives in the case.
The ruling is a blow to UHG. If it could have avoided class certification, it's exposure to getting hit for large conpensatory damages would be limited to just the individuals or entities that brought the suit. Now UHG is potentially on the hook for much, much more.