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BULLETIN: Westar Energy Settles Shareholder Lawsuits; No Effect On Rating Apr 05
Standard & Poors, April 2005
Abstract
NEW YORK (Standard & Poor's) April 15, 2005--Standard & Poor's Ratings Services said today that Westar Energy Inc.'s (BB+/Positive/--) agreement in principle to settle shareholder class action and derivative lawsuits relating to former management actions removes a degree of uncertainty regarding the company, but has no effect on its ratings or outlook. Under terms of the settlement, Westar will make a payment of $1.25 million and the company's insurance carriers will pay $31.25 million. The settlement is subject to various conditions, including court approval. Although Westar agreed not to seek reimbursement from its insurance carriers for past or future legal costs related to these lawsuits or the criminal proceedings against certain former executives, the company can seek reimbursement from those...
Companies mentioned in this report are: Westar Energy Inc.
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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