Posted: Tuesday, February 25th 2014 at 6:17pm
Ga. utility settles suit over unpaid dividends
By The Associated Press
MARIETTA - A Cobb County Superior Court judge has signed a nearly $100 million settlement between the Cobb Electric Membership Corporation and its members.
Judge Stephen Schuster signed the class-action settlement Tuesday morning. The Marietta Daily Journal reports the EMC, an electric co-op owned by its 175,000 customers, was sued in 2010 for failing to pay about $286 million back to members.
The newspaper reports the $98 million settlement is about a third of what the corporation owes to about 900,000 current and former members.
The lawsuit alleged that the corporation didn't pay its members dividends for about 40 years.
Payments should have included about $1.8 million to the Cobb County School Board and between $15 and $20 to individual residential members.
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