CMS Energy, a Michigan-based energy provider, has announced the preliminary settlement of the securities class action pending against the company in the E.D. of Michigan. The case, which was originally filed in May 2002, alleges that CMS Energy made various false and misleading statements by including the results of certain “round-trip” energy trades entered into by one of its Texas-based subsidiaries as part of its revenues and expenses. The proposed settlement is for $200 million, of which CMS Energy will pay $123.5 million and its insurers will pay $76.5 million.
CMS Energy Settles
Filed under Settlement