News & Observer | newsobserver.com | UnitedHealth to trim jobs, settle big suit

Published: Jul 03, 2008 12:30 AM
Modified: Jul 03, 2008 01:20 AM

UnitedHealth to trim jobs, settle big suit

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MINNEAPOLIS - UnitedHealth cleared its decks of bad news on Wednesday, announcing a lower profit outlook, a restructuring that will trim 4,000 jobs and a $900 million payout to settle a class-action lawsuit over options backdating.

UnitedHealth said its restructuring would change operations on every level to focus more on regional coverage. The new UnitedHealth will be "simpler, leaner and faster," CEO Stephen J. Hemsley said.

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