No securities fraud case over Mississippi plant

Southern Co. says the U.S. Securities and Exchange Commission has ended its securities fraud investigation into whether the utility misled investors about progress at a Mississippi power plant and won't recommend any enforcement action.

Posted: Dec 1, 2017 4:26 PM

JACKSON, Miss. (AP) — Southern Co. says the U.S. Securities and Exchange Commission has ended its securities fraud investigation into whether the utility misled investors about progress at a Mississippi power plant and won't recommend any enforcement action.

The Atlanta-based parent of Mississippi Power Co. made the statement in a Friday securities filing. At the same time it announced that it has reached a deal with Mississippi regulators on how much customers should pay for the part of the Kemper County plant that burns natural gas. The company is absorbing more than $6 billion in losses after stopping work on converting coal into a synthetic gas and removing pollutants.

The company still faces lawsuits from shareholders, a former employee and a former business partner over claims that Southern lied about problems at the plant, concealing delays and overruns.

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