Progress Energy and Duke Energy have agreed to settle lawsuits filed by shareholders who allege the planned merger between the two companies shortchanges investors.
The settlement would end nine lawsuits filed in Wake County Superior Court and subsequently consolidated in the N.C. Business Court in Raleigh. The settlement requires approval from the business court.
As part of the settlement, two power companies would pay up to $550,000 to lawyers who represent the shareholders, with the final amount to be determined by the business court.
Raleigh-based Progress and Charlotte-based Duke also agreed to make additional public disclosures to provide shareholders more information about the proposed merger. The corporate union, announced in January, would create the nation's biggest electric utility with 7.1 million customers in six states.