FirstEnergy, Allegheny End Securities Suit Over Merger

Law360, New York (January 14, 2011, 3:41 PM EST) -- A federal judge has greenlighted a settlement in a putative shareholder class action seeking to derail FirstEnergy Corp.'s $8.5 billion purchase of Allegheny Energy Inc., allowing the defendants to ditch one of several suits alleging the deal undervalued Allegheny.

Judge Nora Barry Fischer signed off on the parties' joint stipulation of dismissal in the U.S. District Court for the Western District of Pennsylvania on Friday, clearing the way for Allegheny to shell out $300,000 in attorneys' fees for the plaintiff and for plaintiff Louisiana Municipal Police...
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