Mirant Corp. has agreed to pay $9.7 million to former employees who blamed huge retirement plan losses on the energy marketer’s investment of retirement funds in its own stock.

The settlement agreement was reached on behalf of “several thousand” Mirant employees who contributed to the energy marketer’s employee savings plans between Sept. 27, 2000, and July 22, 2003. Attorneys at Alston & Bird — on behalf of Mirant, its corporate officers and the firm’s benefits committees — have filed papers outlining the settlement agreement in U.S. District Court in Atlanta.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]