PSEG, Verizon To Pay $306K To Settle Flood Suit

Law360, New York (September 21, 2007, 12:00 AM EDT) -- Public Service Enterprise Group Inc., Verizon Communications Inc. and South Jersey Gas Co. have agreed to pay $102,000 each to put to rest a federal class action alleging the utilities had an obligation to maintain dams that failed during a 2004 flood in Southern New Jersey, causing damage to hundreds of companies and homes.

According to the amended settlement agreement filed Thursday in the U.S. District Court for the District of New Jersey, the utilities will pay a total of $306,000 into a settlement fund that...
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