Judge Dismisses Edison Shareholder Lawsuit
Edison International persuaded a judge to dismiss a shareholders suit accusing the parent of California’s No. 2 utility of misleading investors by saying it could recover billions in power-buying losses.
U.S. District Judge A. Howard Matz dismissed the class-action suit Friday, saying the parent’s statements in the third quarter of 2000 weren’t “materially misleading.â€
The ruling ends one of the last legal tangles besetting Southern California Edison after an energy crisis that drove the state’s two biggest utilities into insolvency.
Shares of the Rosemead-based company fell 30 cents to $17 on the New York Stock Exchange before the opinion was made public.
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