September 19 2007
Houston, TX: (Sep-17-07) A class action lawsuit was brought against Dynegy Inc., a Houston based utilities provider, relating to their retirement plan. The suit was brought on behalf of salaried employees of Illinois Power Co., a former unit of the Houston energy company, who participated in a Dynegy sponsored retirement plan. The employees claimed that continued investments in Dynegy stock and other actions by the company's benefits committee represented a breach of fiduciary duties under the federal Employee Retirement Income Security Act. As part of a settlement reached, more than 1,900 Illinois employees benefited from a $9.98 million payout by Dynegy Inc. Sources stated that a Houston judge approved the settlement. According to a Dynegy representative, the settlement had been agreed upon earlier in 2007 and Dynegy's insurance companies have already paid off the settlement.
[CNN NEWS: ERISA SETTLEMENT]
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