Police announce arrest in connection with murder of UnitedHealthcare CEO

Police announced an arrest today in connection with the brazen midday shooting death of UnitedHealthcare CEO Brian Thompson Wednesday in Manhattan.

According to the New York Times, Luigi Mangione was eating at an Altoona, Pa. McDonald’s when an employee recognized him. The 26-year-old man was in possession of a "ghost gun" and a fraudulent New Jersey I.D. that matches the one the suspect used to check into a NYC hostel.

“It does seem he has some ill will toward corporate America,” Joseph Kenny, NYC chief of detectives, told the Times.

Thompson was on his way to an investor conference at the New York Hilton Hotel when an gunman ambushed and shot him in the chest, NYC police say.

The shooting death sharpened the focus on how healthcare is delivered in the United States. UnitedHealth is noted for rejecting claims. Investors are also unhappy with the healthcare giant.

A class-action lawsuit initially filed in May, but amended as recently as last month, claims UnitedHealth executives kept secret a “non-public antitrust investigation into the company” by the Department of Justice, the lawsuit states. That investigation was launched in October 2023.

“Concealing this material information from investors and the public, UnitedHealth chairman Stephen J. Hemsley and several other senior executives immediately took action – selling more than $100 million of their own UnitedHealth stock at artificially inflated prices as the market and other investors remained unaware of the new federal antitrust investigation,” the lawsuit claims.

When the Wall Street Journal exposed the investigation in a Feb. 27, 2024 article, the price of UnitedHealth stock declined over $27 per share, falling from $525.32 per share on Feb. 26, 2024 to $498.28 on Feb. 28, 2024, the lawsuit notes.

The lawsuit class includes any owners of UnitedHealth Group shares between Sept. 22, 2021 and Feb. 27, 2024. During this time, Thompson sold over 31% of his UnitedHealth shares for proceeds of over $15 million, the lawsuit says.

Thompson, 50, was named CEO for UnitedHealthcare in April 2021. Prior to taking that role, he served as CEO of UnitedHealthcare government programs, including Medicare & Retirement and Community & State. Before leading government programs, Thompson served as CEO of UnitedHealthcare Medicare & Retirement.

Thompson joined UnitedHealth Group in 2004 and has held numerous leadership positions including chief financial officer for UnitedHealthcare’s Employer & Individual, Community & State and Medicare & Retirement businesses. In addition, Thompson has served as the financial controller for UnitedHealthcare's Employer & Individual business and a director in Corporate Development.

InsuranceNewsNet Senior Editor John Hilton has covered business and other beats in more than 20 years of daily journalism. John may be reached at [email protected]. Follow him on Twitter @INNJohnH.