Otter Tail Settles Two Major Antitrust Lawsuits for $73.5 Million
OTTR sits 18% above its 52-week low of $74.15 on light trading volume (0.2× avg).
Summary
Otter Tail's subsidiaries have entered into settlement agreements for two major antitrust lawsuits, agreeing to pay a total of $73.5 million ($39.5 million for DPP claims and $34 million for NCSP claims). This news precedes an 8-K filing on the same day confirming the settlement. The resolution of these lawsuits removes significant legal uncertainty and a potential financial overhang, which is generally viewed favorably by the market.
At the time of this announcement, OTTR was trading at $87.27 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $3.7B. The 52-week trading range was $74.15 to $92.24. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.