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A federal judge this morning threw out a five-year-old lawsuit charging that top executives of IPALCO Enterprises Inc. breached their fiduciary duty to investors when they agreed to sell the company to Virginia-based AES Corp. in 2000.
Many executives sold their stock before the sale closed in 2001 and AES shares began a prolonged slide.
Plaintiffs included about 1,800 participants in the company’s retirement plan who say they lost tens of millions of dollars.
In his 113-page ruling, Judge David Hamilton said plantiffs failed to make their case that selling to AES was irresponsible. "AES appeared to be a prudent and reasonable investment," he wrote.
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