FirstEnergy Faces Raft Of Lawsuits In Wake Of Bribery Scandal
Ohio's largest utility faces more than a dozen lawsuits filed by angry shareholders even as it is already battered by scandal.
A suspected bribery and corruption scheme involving Akron-based FirstEnergy Corp. includes some of the country’s largest institutional investors. The first lawsuits were filed within a week and now total more than a dozen.
FirstEnergy is also under federal investigation for in a suspected $60 million bribery scheme.
It isn’t the first time the utility has found itself defending its actions. It settled a class action lawsuit in 2004 for nearly $80 million for lying about a hole in a reactor head at a nuclear plant and for contributing to the largest blackout in U.S. history.