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FirstEnergy’s $180 Million Derivative Settlement Wins Approval (1)

Aug. 23, 2022, 10:16 PMUpdated: Aug. 23, 2022, 11:28 PM

Shareholders of FirstEnergy Corp. won court approval of a $180 million settlement in their derivative litigation against the utility company’s directors.

The shareholders have said the settlement is “among the largest derivative recoveries ever achieved” in the US, noted Judge Algenon Marbley of the U.S. District Court for the Southern District of Ohio, who granted final approval Tuesday.

The Akron, Ohio-based company had been embroiled in a bribery scandal tied to nuclear subsidies, admitting in mid-2021, as part of a deal with federal prosecutors, that it conspired with public officials and others to pay millions of dollars in bribes.

According ...