CalPERS Named Lead Plaintiff in UnitedHealth Suit

CalPERS will be lead plaintiff in a class-action lawsuit against UnitedHealth Group, a federal judge ruled Thursday, the Sacramento Bee reports (Chan, Sacramento Bee, 9/15).

CalPERS in July filed a class-action lawsuit against the nation's second-largest managed care company alleging that improper stock-option grant procedures caused the pension plan to lose more than $20 million. More than 12 lawsuits have been filed against UnitedHealth in Minnesota federal court involving the way the insurer dated stock options for top executives, including a $1.6 billion grant to the company's CEO (California Healthline, 7/13).

U.S Magistrate Judge Franklin Noel chose CalPERS as lead plaintiff from several other investors who filed suits (Sacramento Bee, 9/15).