So, I’m a little biased: Neil Freund who was the attorney working for DP&L in the case against the 3 “executives” who bilked the company and its board of directors out of millions- was also the attorney for the City of Dayton in the civil part of the mask case.
He knows how to fold them- right after he collects his fees. In my case, he pushed and pushed to run my legal costs up and the city’s – then started talking about how I might be liable for his fees too- if I didn’t win (which was highly unlikely since we had won 5 court decisions already). The fact is- DP&L should consider suing Freund for taking them on this legal billing expedition- instead of settling for an additional $25 million. Either that, or fire the entire current DP&L “leadership”
Ex-DPL execs leave with $58 million
DPL Inc. has spent nearly three years prosecuting a civil lawsuit that claimed its former three top executives defrauded the utility out of millions of dollars. But when the lawsuit settled Monday, DPL not only let the former execs keep $33 million in deferred compensation, it paid them another $25 million.
That $25 million buys a clean slate for Dayton Power and Light Co.’s corporate parent, which has operated under a cloud since 2002. It halts a jury trial that was embarrassing to everybody involved and stops the bleeding of legal fees. And it takes away the uncertainty that the jury could slam either side with a huge damage award.
“On the surface, it seems the company didn’t get much,” said University of Dayton law professor Harry Gerla. “It was almost a wash. Did anybody get anything out of it but the lawyers?”
He said the settlement spares DPL officials the distractions and bad publicity of a lawsuit. “I suppose they got the intangible (benefit) of not having their dirty laundry hung out for days.”
In exchange for the $25 million, the former execs â€” Peter H. Forster, Caroline E. Muhlenkamp and Stephen F. Koziar Jr. â€” relinquished all claims against the company.
Attorneys for DPL and the executives didn’t return phone calls seeking comment Monday.
Shareholders should also consider suing the former board of directors for granting the trio of “executives” the right to abscond with the loot.
Questions about the worth of the Public Utilities Commission of Ohio should be popping up as well.
Needless to say- corporate crime is doing fine in Dayton OH.