Major shareholders have filed lawsuits accusing former New Jersey governor Thomas Kean and UHC's other directors of failing in their fiduciary duty. Mc Guire was forced to resign, and relinquish hundreds of millions of dollars in stock options.On December 6, 2007, the SEC announced a settlement under which Mc Guire will repay 8 million, as a partial settlement of the backdating prosecution.
Originally named Exante Bank, it changed its name to Optum Health Bank in 2008 and to Optum Bank in 2012.
Optum Bank is part of the financial services unit of Optum a health and wellness company serving more than 74 million people.
In 1974, Richard Tyagi Burke founded Charter Med Incorporated, a Minnetonka, Minnesota-based privately held company.
In 1977, United Health Care Corporation was created to reorganize the company and become the parent company of Charter Med.
In February 2008, New York State Attorney General Andrew M.
Cuomo announced an industry-wide investigation into a scheme by health insurers to defraud consumers by manipulating reasonable and customary rates.United Health Group offers products and services through two operating businesses, United Healthcare and Optum, both subsidiaries of United Health Group.Optum is a healthcare service arm of United Health Group and the largest healthcare IT company in the world by revenue (4 billion in 2016).In 2006, the Securities and Exchange Commission (SEC) began investigating the conduct of United Health Group's management and directors, for backdating of stock options.Investigations were also begun by the Internal Revenue Service and prosecutors in the U. attorney's office for the Southern District of New York, who subpoenaed documents from the company.The announcement included a statement that Cuomo intended "to file suit against Ingenix, Inc., its parent United Health Group, and three additional subsidiaries." Cuomo asserted that his investigation found that rates found in a database of health care charges maintained by Ingenix were lower than what he determined was the actual cost of certain medical expenses.