As alleged in the Complaint, Defendants adopted a corporate policy of providing illegal payments to government officials, including Ohio Speaker of the House Larry Householder, in exchange for Householder securing the passage of legislation that provided a $1.3 billion bailout of the Company’s failed nuclear power plants.
On July 21, 2020, the U.S. Attorney’s Office for the Southern District of Ohio announced that Householder and certain affiliates (together, the “Enterprise”) were arrested and criminally charged in a federal racketeering conspiracy involving approximately $60 million paid by FirstEnergy and affiliates to a 501(c)(4) entity to pass and uphold the nuclear plant bailout. See USA v. Borges, Case No. 1:20-mj-00526 (S.D. Ohio).
The complaint alleges breach of fiduciary duty, unjust enrichment, and violations of Section 14(a) of the Exchange Act.
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