DPL Settles

DPL, Inc. (NYSE: DPL), the parent company of Dayton Power and Light Co., and their former accountants, PricewaterhouseCooopers, have obtained preliminary court approval for the settlement of the securities class action pending against them in the S.D. of Ohio (as well as related state court derivative actions). The class action was originally filed in July 2002.
The settlement is for $145.5 million. The announced source of funds is as follows: 1) $70 million from DPL; 2) $70 million from DPL’s liability insurers; and 3) $5.5 million from PWC. According to an Associated Press article, plaintiffs’ counsel may receive up to $50.9 million in fees. Final arguments on the settlement will be heard December 22.