>The suit, filed in the US District Court for the Northern District of Georgia by James Brown, alleges Mirant misled participants in the employee plans by concealing Mirant’s alleged “participation in the illegal manipulation of energy prices in California during 2000 and 2001, as well as other irregular and unlawful accounting manipulations tied to energy trading.” Also named as defendants were Southern Company, several current and former directors and officers of Mirant and/or Southern Company, and “Unknown Fiduciary Defendants 1-100,” according to a Southern’s recently filed 8-K report.
>Additionally, the suit is seeking to represent a purported class of individuals who were participants in or beneficiaries of two Mirant employee plans and their predecessor plans from January 1, 2000, until the date the suit was filed.
>Mirant, an energy company, owns no stake in Southern and Southern said the suit does not contain any specific allegations of wrongdoing against it. Further, Southern said it denies any wrongdoing and plans to vigorously defend itself.
Southern’s April 30, 2003 8-K filing can be found at http://investor.southerncompany.com/investor/edgar.cfm .
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