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Federal lawsuits filed over Duke-Progress merger

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TWC News: Federal lawsuits filed over Duke-Progress merger
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RALEIGH – Two former Progress Energy shareholders have filed federal lawsuits against Duke energy alleging securities fraud related to the Progress-Duke merger.

The lawsuits said Duke Energy CEO Jim Rogers and company directors misled Progress shareholders about who would lead the combined company.

Shareholders allege Duke intentionally lied about plans to oust Progress CEO Bill Johnson after the merger deal closed.

Other stockholders have filed similar suits and more are likely to come as the probe into the leadership shakeup grows.

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