Business
* Power company Allegheny Energy Inc. said it was suing investment bank Merrill Lynch & Co. for a breach of confidence and fraud related to a transaction between the two groups last year.
Sept. 26, 2002
ENERGY Allegheny Files Claim Over California Contract Allegheny Energy Inc., a U.S. utility owner that defaulted on debt and energy trading contracts last year, said California owes the company as much as $10 billion for breaching an energy supply contract.
Feb. 27, 2003
Allegheny Energy Inc. said it will cut 600 jobs, or 10% of its work force, and cancel construction of two power plants to help cut costs after an unexpectedly weak first half.
July 9, 2002
Merrill Lynch & Co. must defend claims that it inflated revenue at the energy-trading unit it sold to Allegheny Energy Inc. for more than $490 million, a Manhattan judge ruled.
Nov. 25, 2003
A former Merrill Lynch employee is a suspect in a Canadian probe of a $43-million scheme.
Aug. 12, 2003
Allegheny International Inc. said Monday it will sell its John Zink Co. subsidiary to an affiliate of Lone Star Technologies Inc. of Dallas and its Bra-Con Industries Inc. subsidiary to Dollar Corp. of Troy, Mich.
June 26, 1987
The power firm’s woes could allow California to nullify an undesirable contract.
Oct. 31, 2002
Archives
* Midwest power producer Allegheny Energy Inc. said that it will buy the energy trading unit of top brokerage Merrill Lynch & Co. for $490 million and a 2% stake in Allegheny’s energy supply unit.
Jan. 9, 2001
Allegheny Power System Inc. agreed to buy DQE Inc. for $4.2 billion in stock and assumed debt, in the largest utility acquisition announced so far this year.
April 8, 1997
Shares of Allegheny Energy Inc. dropped about 9% after the company warned that a bankruptcy filing was possible without new financing.
June 25, 2003