TALLAHASSEE, Florida — A federal judge denied a $150 million settlement between NextEra Energy and investors but will allow the parties to refile.
Details: Judge Aileen Cannon of the U.S. District Court for the Southern District of Florida denied a motion Friday from the utility company and two Florida pension funds to issue preliminary approval on the settlement, saying the proposal lacked sufficient information. The lawsuit was originally filed by investors who argued they incurred losses after NextEra and its subsidiary, Florida Power & Light, mishandled past political scandals.
In her order, Cannon wrote the proposed settlement didn’t meet federal standards and said “much remains to be developed and established” in the case. Though the parties can refile, Cannon said they should conduct more fact-finding before submitting.
Particularly, the court was unclear on the size of the settlement class, which plaintiffs previously estimated to be at least 200,000 members. Nothing in the proposal “grounds that figure in the particular facts of the case,” Cannon wrote.
