The largest settlement in the history of Cobb County was reached Tuesday as Cobb Electric Membership Corp., will pay hundreds of thousands of its customers and their attorneys a combined sum of $98 million.
In 2010, the Marietta-based utility was sued by current and former co-op members, who said they were owed four decades worth of dividends that went elsewhere, including for Cobb EMC’s for-profit subsidiary businesses.
While many members of the Cobb EMC will receive small payouts in the range of $30 to $50, there were some big winners. According to The Atlanta Journal-Constitution, Cobb Schools was awarded a $1.8 million lump sum, while the second largest payment of $1.6 million went to the Cobb County government.
Many nonprofit organizations also scored payouts, including the YMCA of Cobb County, which will receive a $38,400 lump-sum settlement.
See the WSB-TV report attached with this report for more on this record settlement.