Sierra Pacific Resources and subsidiary Nevada Power last week entered into a settlement agreement with Morgan Stanley Capital Group Inc. resolving ongoing litigation in the U.S. District Court-District of Nevada against Morgan Stanley.
The litigation relates to various power supply contracts that were terminated by Morgan Stanley in April 2002 for which the financial firm was seeking an aggregate of $25.3 million of termination payments from Nevada Power.
The settlement pact also resolves related FERC proceedings insofar as they pertain to Morgan Stanley, according to an 8-K filing made last week at the Securities and Exchange Commission by Sierra Pacific Resources.
The terms of the settlement agreement provide that Nevada Power will pay $17.5 million to Morgan Stanley and that the parties will dismiss the litigation concerning the terminated power contracts and related FERC proceedings.
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