This excerpt taken from the UNH 8-K filed Dec 6, 2007.
Report of the Special Litigation Committee
On December 6, 2007, UnitedHealth Group Incorporated (the Company) issued a press release announcing that the Special Litigation Committee (the SLC), an independent committee comprised of two former Minnesota Supreme Court Justices, has concluded its review of claims relating to the Companys historical stock option practices brought against certain of the Companys current and former officers and directors in federal and state derivative lawsuits, consolidated as In re UnitedHealth Group Inc. Shareholder Derivative Litigation filed in the United States District Court for the District of Minnesota and In re UnitedHealth Group Inc. Derivative Litigation filed in the Hennepin County District Court, State of Minnesota (collectively the derivative actions). A copy of the press release is filed herewith as Exhibit 99.1 and is incorporated by reference herein.
Based on its exhaustive review, the SLC reached settlement agreements on behalf of the Company with the Companys former Chairman and CEO William W. McGuire, M.D. (the McGuire Agreement), former General Counsel David J. Lubben (the Lubben Agreement), and former director William G. Spears (the Spears Agreement and together with the McGuire Agreement and the Lubben Agreement, the Settlement Agreements).
In addition, the SLC concluded that all claims against all named defendants in the derivative actions, including current and former Company officers and directors should be dismissed. The SLCs conclusions are reflected in the Report of the Special Litigation Committee (the SLC Report) delivered to the United States District Court for the District of Minnesota (the Federal Court) and the Hennepin County District Court, State of Minnesota (the State Court) on December 6, 2007. A copy of the SLC Report is available on the Newsroom page of the Companys website at www.unitedhealthgroup.com.