Final approval of a $6.75 million settlement in the Portland General Electric shareholder class action was recently granted. The case stemmed from allegations by the lead plaintiff, Public Employees Retirement System of Mississippi, that both Portland General Electric’s chief executive officer and chief financial officer made statements to shareholders about their energy trading practices that were false and misleading, which included that they did not engage in speculative trading for profit.
In August 2020, after suffering a $127 million loss, Portland General Electric stated that due to extreme weather conditions and power supply issues, the markets moved against wholesale electricity prices. During this time, two unspecified employees were placed on leave while an internal investigation was performed. In a public filing by Portland General Electric, the company stated that those two individuals were no longer with the company and that steps had been taken to further strengthen their risk and trading policies.
Stoll Berne attorneys Keith Dubanevich and Keil Mueller, along with co-counsel Grant and Eisenhofer, represented the lead plaintiff.
- March 24, 2022, Oregonlive.com: Portland General Electric settles shareholder class action suit for $6.75 million