Unitedhealth stock options backdating
Its QSSI subsidiary was one of the contractors involved in the botched rollout of the Affordable Care Act’s portal.
UHG was incorporated in 1977 as a for-profit management company for some of the early health maintenance organizations.
Around the same time as the dismissal, the Minneapolis published a story pointing out that UHG’s record was not completely unblemished.
The paper noted that the company had been involved in a series of disputes with state regulators over its practices.
by Philip Mattera Over the past four decades, United Health Group has grown into a managed-care behemoth with health plans covering some 27 million people in the United States.
It also has an operation called Optum that provides specialty health services that it claims reach tens of millions more individuals.
It also spent 0 million in 2003 to acquire Golden Rule Financial, which specialized in what would become the controversial practice of selling low-cost, high-deductible individual policies.
In Nebraska it was accused of violating insurance regulations hundreds of times.Ingenix subsequently changed its name to Optuminsight.While Congress was deliberating over healthcare reform in 2009, UHG was one of the large insurers that went along with the idea but worked against the inclusion of a public option among the choices that would be offered.The SEC let UHG off with a slap on the wrist, but the company had to pay more than 0 million to settle shareholder lawsuits brought in connection with the option backdating.UHG’s next big legal challenge came in February 2008, when Andrew Cuomo, then the Attorney General of New York, announced that he would sue the company for its role in what he called a scheme to “deceive and defraud consumers.” He alleged that the company’s Ingenix database, which was used both by UHG and other insurers to determine how should be reimbursed for out-of-network medical expenses, systematically shortchanged plan members.