Vectren Unit Settles Lawsuit

Business News

TSC and IRIS Staff

11/22/06 - 11:29 AM EST

Energy company Vectren(VVC Quote) said Wednesday that its Proliance Energy venture agreed to settle a civil lawsuit with the City of Huntsville, Ala.

The Evansville, Ind.-based company said Proliance will pay $21.6 million to settle the suit, which stemmed from the provision of portfolio services during 2000-2002.

Vectren is a 61% equity investor in ProLiance and will reflect its share of the net charge, $6.6 million after tax, or 9 cents a share, in its fourth-quarter results.

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