Indianapolis Power & Light Co. Class Action Dismissed

Indianapolis, IN: (Mar-29-07) Employees tried to file a class action lawsuit against the energy company claiming utility officials failed to protect their retirement savings from a multimillion dollar stock collapse that followed its merger with AES Corp. The class action lawsuit alleged the value of employees' 401k and retirement plans plummeted when AES Corp. acquired the utility in 2001. The lawsuit also claimed company officers dumped Indianapolis Power & Light Co. shares close to the time employees were prohibited from selling company stocks owned through their benefit plans. Judge David Hamilton found no evidence of illicit profits or wrongdoing and dismissed the class action noting that executives had complied with federal securities law. [BUSINESS WEEK: IPALCO DISMISSED]

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