(The Wall Street Journal) -- In one of the largest executive-pay givebacks in history, former UnitedHealth Group chief executive William McGuire has agreed to forfeit about $620m (€424m) in stock-option gains and retirement pay to settle civil and federal-government claims related to stock-option backdating.

The settlement comes a year after the options-backdating scandal led to Dr. McGuire's ouster from the Minnetonka, Minnesota company, one of the largest US health insurers. Dr. McGuire had been among the most successful and highest-paid executives in the US.