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FirstEnergy Faces Pair of Derivative Suits After Ohio Scandal

Sept. 2, 2020, 4:48 PM

FirstEnergy Corp.'s leadership allegedly didn’t disclose the company’s purported role in an energy-linked bribery scandal that led to the indictment of a state house speaker, according to a pair of shareholder derivative suits filed in Ohio federal district courts.

The energy company’s directors and officers didn’t tell shareholders about an alleged "$60 million campaign to corrupt the political process in order to secure the passage of legislation” beneficial to FirstEnergy, a suit filed Tuesday in the U.S. District Court for the Southern District of Ohio said. Another shareholder filed a similar derivative suit Aug. 7 in the U.S. District Court ...