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.
