LAWSUITS NEWS & LEGAL INFORMATION
Energy Buyout Fails
Berlin, CT: (Mar-20-08) Northeast Utilities and Consolidated Edison have been embroiled in a legal battle stemming from a failed merger between the two. Records show that Consolidated Edison, the electricity utility for New York City agreed to buy Northeast Utilities, which owns Connecticut Light & Power and other New England electricity and natural gas companies in 1999. The deal fell through in March 2001, sparking off the lawsuit.
Sources stated that the two utility companies agreed to dissolve the lawsuit and resolve all claims stemming from the failed deal. Under the terms of the settlement agreement, Northeast Utilities agreed to pay Consolidated Edison $50 million. The agreement settles all litigation that the two utilities filed against each other over the collapse of the proposed $7.5 billion deal. Officials on both sides stated that the deal would have married two of the largest utility companies in the region [BOSTON: NORTHEAST UTILITIES AGREES TO CASH SETTLEMENT OVER FAILED MERGER]
Published on Mar-22-08
Sources stated that the two utility companies agreed to dissolve the lawsuit and resolve all claims stemming from the failed deal. Under the terms of the settlement agreement, Northeast Utilities agreed to pay Consolidated Edison $50 million. The agreement settles all litigation that the two utilities filed against each other over the collapse of the proposed $7.5 billion deal. Officials on both sides stated that the deal would have married two of the largest utility companies in the region [
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