A federal judge has granted preliminary approval to a proposed $180 million settlement between FirstEnergy shareholders and a group of company executives who ran the Akron-based utility during the House Bill 6 scandal.
COLUMBUS, Ohio—
However, U.S. District Judge Algenon Marbley, the chief judge of the Southern District of Ohio, refused to halt companion settlement cases in the Northern District of Ohio and in Summit County Common Pleas Court. That makes Marbley’s order, issued Monday, only a step towards ending the case, rather than a final resolution of the lawsuit.
“Of course, preliminary approval ‘is only the first step in an extensive and searching judicial process, which may or may not result in final approval of a settlement in this matter,’” wrote MarbleyIn the case, FirstEnergy investors filed what is known as a derivatives lawsuit against the company, claiming the utility’s directors of officers’ failure to provide proper oversight led to the company paying more than $60 million to former Ohio House Speaker Larry Householder’s political operation...
In addition, six members of FirstEnergy’s board would step down and not seek re-election under the terms of the proposed settlement.
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