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Beleaguered Columbia Gas Settles, Waits

Fortnightly Magazine - September 1 1995

The Columbia Gas System, Inc. (CGS) has reached an agreement, in principle, resolving the class action lawsuits alleging securities law violations following CGS's June 1991 major charge against earnings and the suspension of its common stock dividend. Those lawsuits were filed against CGS, certain officers and directors, the company's independent public accountants, and the underwriters for the company's 1990 common stock offering. The CGS portion of the proposed $36.5-million settlement would be $16.5 million. The remainder would be shared among the other defendants. The settlement is subject to court approval, and CGS's Chapter 11 reorganization requires confirmation from the federal bankruptcy court. Meanwhile, the Bankruptcy Court for the District of Delaware has found adequate the amended Chapter 11 disclosure statement of the principal CGS pipeline subsidiary, The Columbia Gas Transmission Corp., Inc.


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