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Wednesday, March 28, 2007

Ind. Decisions - "Lawsuit against ex-IPALCO execs tossed"

The Indianapolis Star is reporting this afternoon that:

A federal judge has rejected a lawsuit brought by investors against former IPALCO executives.

In a ruling issued today, Judge David F. Hamilton wrote that the plaintiffs failed to prove "a breach of duties" by the executives.

The lawsuit was brought on behalf of roughly 2,000 people who reportedly lost more than $100 million because of the sale to AES, whose stock was described by the plaintiffs as volatile and high-risk.

The workers claim IPALCO's top officers reaped more than $70 million by selling IPALCO stock while employees were left in the dark about AES stock's unreliability.

The decision in this case, Nelson v. IPALCO, is 113-page long. Access it here.

Posted by Marcia Oddi on March 28, 2007 02:02 PM
Posted to Ind Fed D.Ct. Decisions