FirstEnergy Corp.

Case Details

Date Filed: September 09, 2020
Case Number: 2:20-cv-04813
Jurisdiction: Ohio Southern District Court

Case Summary

On September 9, 2020, Employees Retirement System of the City of St. Louis filed a shareholder derivative action on behalf of FirstEnergy against the Company’s current and former officers and directors arising from Defendants’ breaches of fiduciary duties and violations of state and federal law from September 9, 2016 through the present. Defendants in this action orchestrated a massive, years-long bribery, racketeering and pay-to-play scheme in which FirstEnergy illegally funneled over $60 million to the Ohio Speaker of the House, Larry Householder, and other public officials in exchange for favorable legislation, culminating in a historic criminal complaint filed by the U.S. Attorney for the Southern District of Ohio. The recent revelations of the criminal scheme and Defendants’ knowledge or blatant disregard of it have deeply damaged FirstEnergy, and additional damages to the Company will continue in the coming months and years.