A PYMNTS Company

US: Duke Energy reaches $146 million

By  |  March 10, 2015

Charlotte-based Duke Energy has agreed to settle a shareholder lawsuit linked to its 2012 merger with Progress Energy for about $146 million.

The class-action lawsuit brought by shareholders claimed Duke Energy, its executives and directors made misrepresentations related to a post-merger CEO change. The settlement covered three consolidated cases in the North Carolina federal courts that were filed shortly after the July 2012 merger.

As part of the agreement, Duke and the named executives and directors denied the allegations and any wrongdoing.

Duke said it settled to “avoid the cost of prolonged litigation and eliminate uncertainty for the company” from the lawsuit.

 

Full Content: The Wall Street Journal

 

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