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Duke Energy to pay $146 million to settle lawsuit over CEO ouster

2015-03-10 16:35:26| Energy - Topix.net

America's largest electric company said Tuesday that it is settling a lawsuit that claimed shareholders lost millions of dollars when Duke Energy surprised investors by ousting its CEO hours after a long-anticipated buyout of its smaller neighbor. Charlotte-based Duke Energy said its insurers and shareholders would pay $146 million to end the lawsuit filed after the company completed its July 2012 buyout of Raleigh-based Progress Energy Inc. The company set aside $26 million for the amount not covered by insurance and said consumers would not pay the cost.

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