UnitedHealth Investor Drops Medicare Suit, Defers to CalPERS (1)

A UnitedHealth Group Inc. investor dropped his proposed class action filed after the murder of its insurance arm’s CEO and backlash, deferring to a previously filed securities lawsuit that incorporated similar claims about the company’s Medicare business.

Investor Roberto Faller voluntarily dismissed his complaint in the US District Court for the Southern District of New York Wednesday given California Public Employees’ Retirement System’s pending proposed class action in the District of Minnesota. CalPERS, appointed lead plaintiff in Minnesota almost a year ago, told the New York judge it had had moved to boost its lawsuit with similar allegations since the ...