In re UnitedHealth Group Inc. PSLRA Litigation
United States District Court for the District of Minnesota
643 F. Supp. 2d 1094 (2009)
- Written by Robert Cane, JD
Facts
Some current and former officers of UnitedHealth Group Inc. (UnitedHealth) (defendant) were accused of violating federal securities laws. UnitedHealth was sued in a class action with California Public Employees’ Retirement System (plaintiff) as the lead plaintiff. UnitedHealth agreed to a proposed settlement of $925.5 million. There was a possibility that a trial would have lasted at least four weeks and resulted in no recovery. UnitedHealth was able to pay the settlement amount. Only 37 out of over 800,000 potential class members opted out of the class action, and only three individuals objected to the settlement. The district court reviewed the proposed settlement for approval.
Rule of Law
Issue
Holding and Reasoning (Rosenbaum, J.)
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