Atlast, Aquila Inc. settles five class action lawsuit for $1 million.
The settlement was announced in October but needed the court’s approval to become effective. Finally U.S. District Court in Kansas City approved the settlement.
The lawsuits alleged Aquila subsequently repurchased the shares at a price below what the investors should have received. The allegations focused on the failure of Aquila to form an independent audit committee after the spinoff.
Attorney fees will take $288,458 of the $1 million settlement. A company that will administer claims is being paid $102,200.
The approximately 18,000 investors represented by the lawsuits who submit proofs of claim will share in the balance of the settlement.