UnitedHealthcare was investigated by the Justice Department for antitrust violations and its CEO was accused of fraud before he was killed outside a Manhattan hotel on Wednesday.
Thompson, 50, was shot dead in what NYPD officials said was a targeted attack as he left the Hilton hotel before an investor conference. His killer remains on the run.
Earlier this year, the DoJ launched an investigation into whether the nation’s largest insurer, under Thompson’s leadership, unfairly restricted competitors and had a monopoly.
The DoJ has also filed a lawsuit to block the company’s acquisition of home care and hospice provider Amedisys, naming Thompson and others and accusing them of unlawful practices.
Thompson was accused of knowing about the DoJ investigation into the company and failing to tell investors before selling more than 31 percent of his shares.
Last month, Just Wall Street reported that UnitedHealth insiders sold $16 million of their stock during the investigation and trial – CEO Thompson was the largest insider seller, selling $12 million worth of stock, at about $521 per share.
“We are challenging this merger because home health and hospice patients and their families who are experiencing the most difficult moments of their lives deserve affordable and high-quality care options,” said Attorney General Merrick B. Garland. “The Department of Justice will not hesitate to stop unlawful consolidation and monopolization in the health care market that threatens to harm vulnerable patients, their families, and health care workers.”
The Wall Street Journal reported in February that researchers had interviewed health care industry representatives in industries where UnitedHealth competed, including physician groups.
UnitedHealthcare CEO Brian Thompson was shot dead outside the Hilton Hotel in Manhattan
Thompson was accused of knowing about the DoJ investigation into the company and failing to tell investors before selling more than 31 percent of his shares.
Witnesses said the gunman appeared to know which door Thompson would come out of as soon as he stepped onto the street, and shot him in the chest and leg and at close range.
Investigators have asked about issues including certain relationships between the company’s UnitedHealthcare insurance unit and Optum’s health care unit, which owns physician groups, among other things.
The WSJ also reported that the DOJ was investigating the company’s Medicare billing practices to see if doctors are aggressively characterizing their patients’ illnesses to improperly increase government payments.
Thompson was fatally shot in the chest and leg in a targeted attack by a masked man, who then fled on a bicycle down 6th Avenue. The NYPD has launched a massive manhunt to catch the killer, who is believed to have escaped to Central Park.
Witnesses said the suspected gunman was waiting outside the hotel before the shooting, and that he knew which door Thompson would be coming out of before shooting him at close range.
Footage showed NYPD officers performing CPR on the CEO before he was taken to Mount Sinai Hospital in critical condition. He was later pronounced dead.
Thompson was named CEO of UnitedHealthcare in 2021, reportedly making $10 million a year, and for several years before that led the Medicare business within UnitedHealthcare.
He was scheduled to speak at an investor meeting at the Hilton Hotel shortly after the shooting. He would announce the company’s hugely profitable financial outlook for 2025, including projected revenues of more than $450 billion, according to a United Healthcare press release on Tuesday.
The suspect is on the run and is described as a white male wearing a cream-colored jacket, a black face mask, black and white sneakers and a gray backpack.
Footage showed NYPD officers performing CPR on the CEO before he was taken to Mount Sinai Hospital in critical condition. He was later pronounced dead
Sources reportedly said Thompson, who lives in Minnesota with his wife and children, was not a guest at the hotel but had arrived early to prepare for his presentation.
The gunman apparently knew which door Thompson would come out through and shot him from a few feet away. The suspect then jumped on a bicycle and probably fled to Central Park.
With the suspect still at large, the NYPD announced a $10,000 reward to anyone with information about the shooting and said it plans to release two surveillance images to help track down the killer.
United is the largest health insurer in America in terms of market share. The company has been the subject of frequent protests from activists for allegedly systematically denying care to patients.
One such protest earlier this year led to the arrest of 11 people outside United Healthcare’s headquarters in Minnetonka, Minnesota.
The company made headlines in February after it was subjected to a cyber attack that cost $872 million.
Minnesota leaders paid tribute to Thompson after news of his death was announced, with United Healthcare among the state’s top employers.
Minnesota Governor and 2024 Democratic vice presidential nominee Tim Walz, who was pictured with Thompson in 2022, said the shooting was “horrifying news and a terrible loss for Minnesota’s businesses and health care system.”
Minneapolis Mayor Jacob Frey added in his own statement: “This is a shocking and devastating loss for our entire community. ‘Shocking’ is the only word I can find at the moment.”
Thompson is survived by his wife, Paulette “Pauley” Thompson, 51, and their two children, who live in the family’s $1.5 million home in Maple Grove, Minnesota.