NEW YORK, Feb. 15, 2007 (PRIME NEWSWIRE) -- Stull, Stull & Brody has reported that a motion to dismiss has been filed in the 401(k) breach of fiduciary duty class action against UnitedHealth Group Inc. (NYSE:UNH). The class action which has been brought on behalf of participants in UnitedHealth Group Inc.'s 401(k) defined contribution retirement plan (the UnitedHealth Group Inc. 401(k) Savings Plan, or the "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, inclusive.
The case, which has been assigned No. 06-CV-2237 (JNR/SRM) and is pending in the United States District Court for the District of Minnesota, 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.
On February 7, 2007 UnitedHealth Group and other defendants filed a motion to dismiss the case on the ground, among others, that the plaintiff is no longer a participant in the Plan and does not have standing to sue. Stull, Stull & Brody intends to vigorously oppose the motion to dismiss in papers to be filed by March 6, 2007. Stull, Stull & Brody also plans to move the Court for leave to add one or more current Plan participant as additional plaintiffs to eliminate any issue concerning standing.
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. There is no cost or obligation.
More information on this and other class actions can be found on the Class Action Newsline at www.primenewswire.com/ca.