(Reuters) – FirstEnergy Corp. will pay $ 230 million to phase out U.S. government fees that they conspired to pay millions of dollars to elected government officials to enforce legislation that would benefit the company, the grid and the Department of Justice said on Thursday.
Ohio-based FirstEnergy acknowledged that it paid millions of dollars to elected government officials to pursue nuclear laws and other policies, the U.S. Attorney for the Southern District of Ohio said in a statement. The company also admitted that it conspired with individuals to hide the source and nature of the payments from the public.
The investigation stems from federal prosecutors' ongoing public prosecution in Ohio.
“This is a humble moment for our company. . And we should take this moment to realize that this type of behavior, at the highest levels of the company, was wrong and unacceptable, "said FirstEnergy's President and CEO Steve Strah on Thursday.
Shares in FirstEnergy jumped after news of the deal. and increased nearly 6% to a session of no more than $ 39,745.
Half of the penalty will go to the US Treasury Department and the other half to customer customers, Strah said in a statement to employees on Thursday.