Securities Law

FirstEnergy Investors Get Lead Plaintiff for Ohio Bribe Suit

Nov. 24, 2020, 5:40 PM

FirstEnergy Corp. investors who accused the company of hiding its purported ties to a state legislature nuclear plant subsidy bribery scandal secured consolidation and a lead plaintiff in federal court in Ohio.

Consolidating two would-be class suits will “promote judicial economy and conserve the parties’ resources,” and it’s “unlikely to prejudice the rights of any party,” the U.S. District Court for the Southern District of Ohio said.

Three pension funds vied for appointment as lead plaintiff and disagreed over how best to calculate financial losses. The Los Angeles County Employees Retirement Association suffered the greatest losses “regardless of whether...

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