Southern Co. reaches $4.51M derivative settlement over Kemper plant; governance reforms adopted

SOUTHERN CO

Settlement includes $4,510,000 in attorneys' fees and expenses paid entirely by insurers.
Corporate governance reforms to be adopted and maintained for at least five years.
Settlement resolves derivative actions related to oversight of Kemper IGCC plant construction.
Final court approval hearing scheduled for June 1, 2022; state fee hearing June 21, 2022.
Shareholders released from contesting settlement; no claims procedure as no direct payments.

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