After enduring one of the worst years in its corporate history, Charlotte, NC-based Duke Energy reported it ended 2002 on a legal high note.

On the day after Christmas, a federal judge in New York signed an order that granted “in all respects” Duke Energy’s bid to dismiss a major class-action lawsuit that alleged the company engaged in questionable “round-trip” energy trades to boost its revenues. The lawsuit included 13 separate class-action complaints filed by shareholders.

In late December, an independent arbitration panel also ruled favorably for Duke Energy in its dispute with ExxonMobil Corp. over the joint ownership of Duke Energy Trading and Marketing (DETM). ExxonMobil has a 40% ownership stake in the energy marketing joint venture.

The panel granted Duke Energy’s request for declaratory relief, which addressed its right to buy out ExxonMobil’s 40% share of DETM and the scope of the business activity covered by the partnership, said spokesman Bryant Kinney. The victory doesn’t mean Duke Energy intends to buy out ExxonMobil’s share, he noted.

“We are pleased to put this dispute behind us and look forward to continuing to work closely with our partner, ExxonMobil, in providing…energy marketing and trading services to our customers,” said Duke Energy Chairman and CEO Rick Priory.

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