Class Action Against UnitedHealth Group Inc. Alleges Breach of Fiduciary Duty
A class action lawsuit has been filed in the United States District Court for the District of Minnesota on behalf of participants in UnitedHealth Group Inc.’s 401(k) defined contribution retirement plan for whose individual accounts the Plan purchased and/or held shares of UnitedHealth Group Inc. common stock at any time from December 21, 2005 through May 24, 2006, alleged UnitedHealth Group Inc. of breach of fiduciary duty.
The complaint alleges that UnitedHealth Group Inc. and other Plan fiduciaries concealed from Plan participants important information concerning (i) long-standing, improper practices at the Company relating to executive stock options, including those awarded to former CEO William McGuire and current CEO Stephen Hemsley, and (ii) whether UnitedHealth Group Inc. common stock was a prudent and suitable retirement investment for the Plan.
If you are a participant in the UnitedHealth Group Inc. 401(k) Savings Plan or are, or think you may be, a member of the proposed class defined above, you may, if you wish, obtain additional information about the class action by contacting Stull, Stull & Brody.
Filed under Class Action, General Law
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