Aquila settles class-action suit for $10.5M
Class Action News
[##_1L|1212522662.jpg|width="120" height="118" alt=""|_##]Aquila Inc. has agreed to settle for $10.5 million a class-action lawsuit that alleged the company should have recommended dumping its stock from employees' retirement funds during Aquila's risky boom years. "It's just more efficient for the shareholders for us to settle than to go through a protracted legal case," Aquila spokesman Al Butkus said Wednesday.
Aquila admitted no wrongdoing as part of the settlement, Butkus said. The company will record the $10.5 million charge in its second or third quarter, he said.
The proposed settlement was filed Monday with the U.S. District Court for the Western District of Missouri.
The suit was filed in late September 2004 in the U.S. District Court in Kansas City. A former employee sued the Kansas City-based company (NYSE: ILA) and its board of directors for promoting the company's stock as a "conservative" investment for participants in the company's retirement plan.
The class included more than 7,000 current and former employees who put Aquila stock into the company's retirement plan from 1999 to May 5, 2004.
A hearing on the settlement' s final approval has been scheduled on Nov. 13 before U.S. District Judge Dean Whipple.
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Grounds for Divorce in Ohio - Sylkatis Law, LLC
A divorce in Ohio is filed when there is typically “fault” by one of the parties and party not at “fault” seeks to end the marriage. A court in Ohio may grant a divorce for the following reasons:
• Willful absence of the adverse party for one year
• Adultery
• Extreme cruelty
• Fraudulent contract
• Any gross neglect of duty
• Habitual drunkenness
• Imprisonment in a correctional institution at the time of filing the complaint
• Procurement of a divorce outside this state by the other party
Additionally, there are two “no-fault” basis for which a court may grant a divorce:
• When the parties have, without interruption for one year, lived separate and apart without cohabitation
• Incompatibility, unless denied by either party
However, whether or not the the court grants the divorce for “fault” or not, in Ohio the party not at “fault” will not get a bigger slice of the marital property.