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November 9, 2009

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Court approves suit settlement

Tuesday, Sept. 25, 2001 | 9:28 a.m.

The settlement of a two-year-old class-action lawsuit filed by shareholders of Southwest Gas Corp. of Las Vegas over an allegedly mismanaged merger has received final approval by the U.S. District Court for the Southern District of California.

Under the settlement, the amount of cash to be distributed to shareholders ranges from $9.5 million to $27 million, depending on the outcome of related litigation in Arizona and whether the utility and another company merge within three years.

Persons who bought or owned Southwest stock between Dec. 14, 1998, and Jan. 21, 2000, would receive $22 million if Southwest merges with another company; $27 million if Southwest prevails in lawsuits with ONEOK, Tulsa, Okla., and Southern Union Co., Austin, Texas; or $9.5 million if neither of those things occur within three years. Southwest is in litigation with ONEOK and Southern Union over a failed merger with ONEOK.

The settlement was submitted to the court in July and given final approval by the court Monday.

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