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FirstEnergy (NYSE:FE) said Thursday it reached a settlement agreement with the Securities and Exchange Commission for a $100M civil penalty to resolve the U.S. government’s investigation into the House Bill 6 scandal.
The company’s Q2 earnings materials indicated it had taken a $100M reserve in anticipation of an agreement with the SEC.
FirstEnergy (FE) previously admitted to bribing former Ohio House Speaker Larry Householder and former Ohio Public Utilities Commission Chairman Sam Randazzo in a pay-to-play scandal; their pair helped the company secure a $1B bailout for two nuclear plants and other favorable treatment.
As part of a 2021 settlement with federal prosecutors, FirstEnergy (FE) paid a $230M fine; last month, the company reached an agreement to resolve proceedings with the Office of the Ohio Attorney General and the Office of the Summit County Prosecutor.
