$27-Million Settlement Secured in Shareholder Derivative Suit Following Unexpected CEO Ousting
Bill Johnson had been assigned and confirmed as the CEO of Duke Energy Corporation after its merger with Progress Energy, Inc. However, other board members had not shared with him, investors, or regulators a plan to relieve him of that position until hours after the merger’s completion. Duke Energy Corporation as a whole suffered profit loss, reputation damage, and more due to the unexpected decision. Hare Wynn – in conjunction with Prickett, Jones & Elliott, P.A. of Wilmington, Delaware, and the Law Office of Frank DiPrima, P.A. of Morristown, New Jersey – filed a shareholder derivative suit and was able to secure a $27 million settlement on behalf of Duke.