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Appeals Court Dismisses NU Shareholders' $1.2 Billion Claim
NEW YORK, Oct 12, 2005 /PRNewswire via COMTEX News Network/ -- NEW YORK, Oct. 12 /PRNewswire-FirstCall/-- Consolidated Edison, Inc. (Con Edison) (NYSE: ED) today reported that the United States Court of Appeals for the Second Circuit unanimously determined that the company could not be sued by Northeast Utilities' shareholders for the $1.2 billion difference between the consideration that would have been paid upon consummation of the company's merger with Northeast Utilities and the market value of Northeast Utilities' common stock at the time of the merger agreement (the so-called "lost premium" claim).
Consolidated Edison, Inc. is one of the nation's largest investor-owned energy companies, with approximately $10 billion in annual revenues and $24 billion in assets. The company provides a wide range of energy-related products and services to its customers through the following subsidiaries: Consolidated Edison Company of New York, Inc., a regulated utility providing electric, gas, and steam service in New York City and Westchester County, New York; Orange and Rockland Utilities, Inc., a regulated utility serving customers in a 1,350 square mile area in southeastern New York state and adjacent sections of northern New Jersey and northeastern Pennsylvania; Con Edison Solutions, a retail energy supply and services company; Con Edison Energy, a wholesale energy supply company; Con Edison Development, a company that owns and operates generating plants and participates in other infrastructure projects; and Con Edison Communications, a telecommunications infrastructure company and service provider.
SOURCE Consolidated Edison, Inc.
Michael Clendenin of Consolidated Edison, Inc., +1-212-460-4111
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