TECO Energy Inc.

Tampa, FL: (Feb-23-07) A shareholders securities class action lawsuit filed by investors against TECO Energy Inc. was pending in federal district court in Tampa and was settled when company heads reached an agreement to pay out $17.35 million to shareholders. A separate shareholder derivative lawsuit was filed by the Securities and Exchange Commission and was pending in the 13th Circuit Court in Tampa. TECO decided to institute certain corporate governance changes along with those previously instituted since the suit was filed. The plaintiff's legal costs of $400,000 will be borne by TECO's insurance carrier. The two settlements resolve all claims against the company and two individual defendants. [TAMPA BAY BUSINESS JOURNAL: TECO SECURITIES SETTLEMENT]