CHARLOTTE—Duke Energy is settling a lawsuit linked to their 2012 merger with Progress Energy for $146 million.
Shareholders filed a lawsuit last summer, accusing the Duke Energy board of directors of bad business practices after they abruptly fired ex-Progress Energy CEO Bill Johnson.
Johnson was dismissed just hours after the Duke Energy and Progress Energy merger was approved. He was replaced by Duke Energy's Jim Rogers, who was expected to give up his CEO title to become chairman of the merged company.
Duke Energy says insurers are covering most of the settlement cost with the company paying the rest, so customer rates will not be affected.