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* Steve Daniels…
A day after former Commonwealth Edison CEO Anne Pramaggiore was convicted of bribery and conspiracy, ComEd parent Exelon disclosed a likely $173 million cost tied to addressing a class-action lawsuit accusing the company of hiding the scheme from shareholders.
The December 2019 lawsuit, filed in federal court in Chicago, has proceeded under an agreement with the federal government barring inclusion of company communications with the feds from discovery. That agreement expires May 15, according to Exelon’s U.S. Securities & Exchange Commission filing today. […]
The plaintiffs, New York-based Local 295 IBT Employers Pension Fund, recently agreed to the $173 million settlement, said Jim Barz, attorney with Robbins Geller Rudman & Dowd in Chicago. It remains subject to court approval. […]
This settlement won’t hit Exelon’s bottom line, though, because the company expects the entirety to be covered by liability insurance for directors and officers.
The Exelon filing is here.
* And then there’s this from last August…
The average household ratepayer in northern Illinois will get a $4.80 credit on their electric bill next April in recompense for Commonwealth Edison’s nine-year-long bribery scheme.
The Illinois Commerce Commission unanimously approved ComEd’s $31 million offer to settle the issue of how much ratepayers should be refunded for the scheme, aimed at currying favor with then-House Speaker Michael Madigan. ComEd is adding another $7 million under Federal Energy Regulatory Commission jurisdiction, so the total refund is $38 million.
That refund was doled out last month.
posted by Rich Miller
Friday, May 5, 23 @ 9:40 am
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When will there be economic justice in IL for theft, fraud, and corruption?
Not enough people sick of the same olde, yet?
Comment by halving_fun Friday, May 5, 23 @ 9:50 am
so, if this is correct, their scheme was only worth bilking each customer out of $4.80. makes them seem stupider than ever.
Comment by Amalia Friday, May 5, 23 @ 9:54 am
Taking advantage of the customer never has been more clearly stated… while they continue to seek taxpayer help with lots of zeroes. I think I’m starting to really dislike Com Ed…
Comment by Lincoln Lad Friday, May 5, 23 @ 10:28 am
I am so happy for Com Ed that their insurance will cover the class action lawsuit payout. I would hate to see their bottom line suffer /s
Comment by DuPage Saint Friday, May 5, 23 @ 10:36 am
Thanks for the $5 Com Ed. But I’d rather get the Ed Moody deal. Where does a guy sign up for that?
Comment by Doodles Friday, May 5, 23 @ 10:41 am
===Thanks for the $5 Com Ed.===
Isn’t any money back better than paying more?
I mean…
Comment by Oswego Willy Friday, May 5, 23 @ 10:51 am
Did ComEd pay the fine yet, Court filings unclear
Comment by Annonin' Friday, May 5, 23 @ 11:37 am
Ratepayers got 20% of what the shareholders are getting. That’s just wrong on so many levels.
Comment by Demoralized Friday, May 5, 23 @ 11:58 am
So Democrats unanimously approved only $31M for all the years of their corrupt leader, thus making it minor corruption of only $4.80 per customer? Does anything scream Illinois Democrats more than that?
Comment by Lurker Friday, May 5, 23 @ 12:22 pm
==So Democrats unanimously approved==
Where do you see that? I see the ICC and the Federal Energy Regulatory Commission.
I’m not sure about “screaming” but your comment sure does seem like it’s screaming hack.
Comment by Demoralized Friday, May 5, 23 @ 12:26 pm