December 6, 2007 / 9:24 PM / 12 years ago

Ex-UnitedHealth CEO McGuire to forfeit over $400 million

Former UnitedHealth Group CEO William McGuire in an undated photo courtesy of the company. McGuire will forfeit more than $400 million worth of stock options and retirement benefits under a settlement following a probe into the health insurer's options practices, the company said on Thursday. REUTERS/Handout/File

NEW YORK (Reuters) - The former chief executive of UnitedHealth Group Inc (UNH.N) will forfeit more than $400 million worth of stock options and retirement benefits under a settlement following a probe into the health insurer’s options practices, the company said on Thursday.

Under the settlement, former CEO William McGuire will forfeit options valued at about $320 million as well as $91 million in retirement plan benefits, plus an additional $8 million in retirement savings.

Settlement agreements also were reached with former general counsel David Lubben, and former director William Spears, the company said.

Reporting by Martha Graybow and Lewis Krauskopf; Editing by Gary Hill 6

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