Northeast Utilities, ConEd Settle Suit For $50M

Law360, New York (March 20, 2008, 12:00 AM EDT) -- Northeast Utilities has resolved a prolonged dispute with Consolidated Edison Inc. over an aborted $7.5 billion merger plan, agreeing to pay $50 million to settle the suit, ConEd announced Wednesday.

The agreement settles lawsuits the utilities giants filed against each other over the implosion of a proposed 1999 deal. The seven-year federal court case ended as NU and ConEd entered into the settlement on March 13, avoiding a trial slated for next week. The statements were filed with the U.S. Securities and Exchange Commission Wednesday....
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