In re FPL Group Deriv. Litig.
N/AOUTCOME: $22.25 million settlement
Mr. Jones was one of the lead counsel in the widely reported case involving FPL Group, Inc. (NYSE:FPL), a large public utility holding company. After nearly three years of intense litigation, which inc ... luded reported victories on Defendants’ motions to dismiss (Klein v. FPL Group, Inc., 2004 U.S. Dist. LEXIS 919, 2004 WL 302292 (S.D. Fla. 2004)), and key discovery motions (Klein v. FPL Group, Inc., 2003 U.S. Dist. LEXIS 19979 (S.D. Fla. 2003)), eight FPL executives, and their insurer, returned $22.25 million in compensation to the company. (See FPL Group to receive $22.25 million settlement in shareholder suit, Knight-Ridder/Tribune Business News, August 14, 2004). The settlement represents a groundbreaking recovery because it implemented sweeping corporate governance provisions at FPL, and at the time was the largest amount of money ever returned to a public company by members of its management in an executive compensation lawsuit.
