John Hancock and Hoosier Energy Settle Litigation
December 23 2009 - 3:37PM
PR Newswire (US)
BOSTON, Dec. 23 /PRNewswire/ -- John Hancock Life Insurance Company
and Hoosier Energy Rural Electric Cooperative today said they were
pleased that the United States District Court, Southern District of
Indiana, has approved a settlement of litigation involving a
leaseback transaction between the parties. All parties to the
litigation are covered by such settlement. Terms of the settlement
are confidential. "We are pleased to reach this agreement that
meets the needs of both parties and appreciate the court's support
in the mediation efforts," said Chris Tryba, Hoosier Energy's
Communications Manager. "This is an equitable agreement, and our
focus now is on moving forward to further strengthen our
cooperative and continuing to meet the power supply needs of
members." "We welcome the conclusion to these negotiations. The
court's mediation efforts enabled both parties to achieve an
equitable and mutually satisfactory resolution," said Jonathan
Chiel, General Counsel for John Hancock. "We are now able to move
forward with a resolution that is fair to both sides and protects
the interests of our company and its policyholders." In 2002,
Hoosier Energy leased a portion of its Merom power plant to John
Hancock, which then leased it back to the cooperative, providing
financial benefits to both parties. About Hoosier Energy Rural
Electric Cooperative Hoosier Energy is a Bloomington, Indiana based
cooperative that operates coal, natural gas and renewable energy
power plants and delivers electricity through a 1,500-mile
transmission network to eighteen member distribution cooperatives
that serve 300,000 consumers in central and southern Indiana and
southeastern Illinois. About John Hancock Financial and Manulife
Financial Corporation John Hancock Financial is a unit of Manulife
Financial Corporation, a leading Canadian-based financial services
group serving millions of customers in 22 countries and territories
worldwide. Operating as Manulife Financial in Canada and in most of
Asia, and primarily as John Hancock in the United States, Manulife
Financial Corporation offers clients a diverse range of financial
protection products and wealth management services through its
extensive network of employees, agents and distribution partners.
DATASOURCE: John Hancock Life Insurance Company CONTACT: JOHN
HANCOCK, Roy Anderson, +1-617-663-4746, ; HOOSIER ENERGY, Chris
Tryba, +1-812-876-0337,
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