Gopher State's Suit Galls UnitedHealth

Still, UnitedHealth continues to come under fire for its past option grants. The company faces multiple investigations -- including one that it had attempted to block altogether.

In court filings, UnitedHealth argued that it would suffer "an undue burden" if forced to supply the information requested by Hatch's office. Specifically, the company claimed that the state's investigation would interfere with probes by three other parties -- the federal government and two committees appointed by its own board -- and should, therefore, be stopped. The company also complained about the "potential politicization of the options issue" which is being investigated by a state prosecutor who hopes to become Minnesota's next governor.

Nevertheless, the court rejected the company's arguments.

"UnitedHealth presented no evidence suggesting that it will suffer undue burden if the requested discovery is permitted," the court declared when denying the company's requests. "If a protective order is issued in this case, the protective order will act to suppress relevant and essential evidence -- which is exactly what is to be avoided."

Investors want answers instead.

By now, they have spent months waiting for the results of an internal probe being carried out by independent experts appointed by the company's board. They could hear something as early as next week, when the company releases its third-quarter results. But more likely, some feel, they will have to wait until the company's deadline for filing its 10-Q.