In early 2002, the utility company then known as UtiliCorp United Inc. bought back its shares and shareholders proceeded to file 5 separate class action lawsuits. The cases alleged that the failure to form an audit committee allowed UtiliCorp to buy back the stock at a less than optimum price per share. A U.S. District Judge has given preliminary approval to a $1 million class action settlement. (Oct-29-05)
[KANSAS CITY STAR]
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