CMS To Pay $28M To Employees To Settle Suit

Law360, New York (March 2, 2006, 12:00 AM EST) -- Energy provider CMS Energy Corp. will pay $28 million to settle two consolidated class action lawsuits filed on behalf of beneficiaries of the company’s employee savings plan.

The Michigan-based energy holding company said in a filing with the U.S. Securities and Exchange Commission that the $28 million cash payment will be paid by CMS Energy’s primary insurer and will be used to pay plan participants for alleged losses as well as any legal fees.

In addition, the company said in its filing that it has agreed...
To view the full article, register now.