Duke settles lawsuit over Crescent bankruptcy

Duke settles lawsuit over Crescent bankruptcy

Credit: NBC Charlotte

Duke settles lawsuit over Crescent bankruptcy

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by Associated Press

WCNC.com

Posted on January 8, 2014 at 12:25 PM

CHARLOTTE, N.C. (AP) -- Duke Energy and the creditors of its former land-development company have settled a lawsuit that said Duke caused Crescent Resource's 2009 bankruptcy.
 
The Charlotte Observer reported (http://bit.ly/1dUUwxK) that both parties have asked a federal court in Austin, Texas, to dismiss the lawsuit against Duke, several subsidiaries and several people.
 
The Charlotte-based utility said the terms of the settlement are confidential.
 
A securities filing indicated Duke had offered a partial settlement of $50 million last August. Both sides told the court in November that they had settled the case in mediation.
 
Crescent was one of the most prominent developers in the Southeast when it filed to reorganize as the recession hit and the housing bubble burst.
 
Creditors sued Duke in 2010, soon after the Crescent came out of bankruptcy protection.

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