Skip to main content
Tuesday, November 10, 2026Nov 10

Duke Energy settles lawsuit over Progress merger, Johnson firing

Bill Johnson is seen during a TVA board meeting in February 2014. Johnson became president of TVA after being fired following Duke's merger with Progress, where he was the chief executive.
Bill Johnson is seen during a TVA board meeting in February 2014. Johnson became president of TVA after being fired following Duke's merger with Progress, where he was the chief executive. Bill Johnson is seen during a TVA board meeting in February 2014. Johnson became president of TVA after being fired following Duke's merger with Progress, where he was the chief executive.

RALEIGH, N.C. — America’s largest electric company said Tuesday that it will pay nearly $150 million to settle claims that shareholders lost millions when it ousted its CEO hours in a surprise move after a long-anticipated buyout.

Duke Energy said its insurers and shareholders would pay $146 million — an “off the charts,” number for such a settlement, according to one expert — to end the lawsuit filed after the company’s July 2012 buyout of Raleigh-based Progress Energy Inc.

Duke set aside $26 million for the amount not covered by insurance and said consumers would not pay the cost.

The company denied the allegations, and it denies any wrongdoing as part of the settlement, which must be approved by a federal judge in Charlotte. Duke Energy spokesman David Scanzoni said the company had no comment beyond its prepared statement.

The decision to settle was probably driven by insurers who feared forking out more if the case went to trial, said Alan Palmiter, a business law professor at Wake Forest University.