Six FirstEnergy Board Members Won’t Seek Election After Scandal

Six board members of FirstEnergy Corp., a utility that was embroiled in a bribery scandal tied to nuclear subsidies, won’t seek re-election this year as part of a settlement to resolve shareholder lawsuits.

The agreement stipulates a series of corporate governance measures, including keeping six board members who have served for at least five years from seeking re-election at this year’s annual shareholder meeting, FirstEnergy said in a statement Thursday. The settlement is subject to court approval.

The agreement also includes a $180 million payment to FirstEnergy, less legal fees, to be paid by insurance.

FirstEnergy shares rose almost ...