Business Services Industry
Aquila Payment to Settle Stock Suit.
Knight Ridder/Tribune Business News, June, 2004
By Randolph Heaster, The Kansas City Star, Mo. Knight Ridder/Tribune Business News
Jun. 10--KANSAS CITY, Mo. -- Aquila will pay $37.95 million to settle a lawsuit disputing how much shareholders received when the company bought back stock in its energy trading operation.
Aquila, based in Kansas City, said Wednesday that the Delaware Court of Chancery had approved the settlement. Aquila had set aside around $30 million in case it lost or settled the case, and said it would take a charge to its second-quarter earnings of about $7.5 million to cover the rest.
Also Wednesday, in an unrelated action, Aquila filed a request for a temporary increase in electric rates in Kansas while regulators considered its permanent rate-increase request...
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