TE » Topics » Item 1. LEGAL PROCEEDINGS

This excerpt taken from the TE 10-Q filed Nov 6, 2006.

Item 1. LEGAL PROCEEDINGS

See Commitments and Contingencies, Note 11 to the TECO Energy, Inc. Consolidated Condensed Financial Statements, and Note 7 to the Tampa Electric Company Consolidated Condensed Financial Statements for updates to legal proceedings previously disclosed in the company’s quarterly report on Form 10-Q for the period ended Jun. 30, 2006.

This excerpt taken from the TE 10-Q filed Aug 4, 2006.

Item 1. LEGAL PROCEEDINGS

See Commitments and Contingencies, Note 11 to the TECO Energy, Inc. Consolidated Condensed Financial Statements, and Note 7 to the Tampa Electric Company Consolidated Condensed Financial Statements for updates to legal proceedings previously disclosed, including in the company’s quarterly report on Form 10-Q for the period ended Mar. 31, 2006.

This excerpt taken from the TE 10-Q filed May 5, 2006.

Item 1. LEGAL PROCEEDINGS

See Note 11 to the TECO Energy, Inc. Consolidated Condensed Financial Statements, and Note 7 to the Tampa Electric Company Consolidated Financial Statements.

This excerpt taken from the TE 10-Q filed Nov 9, 2005.

Item 1. LEGAL PROCEEDINGS

 

See the Legal Contingencies and the Superfund and Former Manufactured Gas Plant Sites sections of Note 11 to the TECO Energy Consolidated Financial Statements, and the Legal Contingencies and the Superfund and Former Manufactured Gas Plant Sites sections of Note 7 to the Tampa Electric Company Consolidated Financial Statements.

 

This excerpt taken from the TE 10-Q filed Aug 9, 2005.

Item 1. LEGAL PROCEEDINGS

 

See the Legal Contingencies and the Superfund and Former Manufactured Gas Plant Sites sections of Note 11 to the TECO Energy Consolidated Financial Statements, and the Legal Contingencies and the Superfund and Former Manufactured Gas Plant Sites sections of Note 8 to the Tampa Electric Company Consolidated Financial Statements.

 

This excerpt taken from the TE 10-Q filed May 9, 2005.

Item 1. LEGAL PROCEEDINGS

 

See the Legal Contingencies section of Note 11 to the TECO Energy Consolidated Financial Statements, and the Legal Contingencies section of Note 7 to the Tampa Electric Company Consolidated Financial Statements.

 

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Table of Contents
This excerpt taken from the TE 10-K filed Mar 15, 2005.

Item 3. LEGAL PROCEEDINGS.

 

Grupo Lawsuit

 

In March 2001, TWG (under its former name of TECO Power Services Corporation) was served with a lawsuit filed in the Circuit Court for Hillsborough County by a Tampa-based firm named Grupo Interamerica, LLC. (“Grupo”) in connection with a potential investment in a power project in Colombia in 1996. Grupo alleged, among other things, that TWG breached an oral contract with Grupo. On Aug. 3, 2004, the trial court granted TWG’s motion for summary judgment, resulting in only one count remaining. On Oct. 18, 2004, TWG’s motion for summary judgment on the remaining count was granted. The plaintiffs have appealed and the company expects that the appellate court would render a decision by the end of 2005.

 

On Aug. 30, 2004, a Colombian trade union, Sindicato de Trabajadores de la Electricidad de Colombia, which was to be the owner/lessor of the power plant if the transaction had been consummated, filed a demand for arbitration in Colombia pursuant to provisions of a confidentiality and exclusivity agreement (the “confidentiality agreement”) between the trade union and a subsidiary of TWG, TPS International Power, Inc., alleging breach of contract and seeking damages of $48 million. TECO Energy, Inc. and TWG also were named, although those companies were not parties to the confidentiality agreement. This arbitration is being funded by Grupo pursuant to a contract under which Grupo would share in any recovery. The arbitration is in its preliminary stages, and, although the respondents have not been served, the parties’ arbitrators have been selected by the parties.

 

Other Issues

 

A number of securities class action lawsuits were filed in August, September and October 2004 against the company and certain current and former officers by purchasers of TECO Energy securities. These suits, which were filed in the U.S. District Court for the Middle District of Florida, allege disclosure violations under the Securities Exchange Act of 1934. These actions were consolidated and remain in the initial pleading stage as of Dec. 31, 2004. On Feb. 1, 2005, the court entered its order appointing the lead plaintiff, comprising NECA-IBEW Pension Fund (The Decatur Plan), Monroe County Employees Retirement System, John Marder and Charles Korpak, and also the lead counsel. The plaintiffs have until Apr. 4, 2005) to file a consolidated complaint. The company intends to defend the litigation vigorously. In addition, in connection with the SEC informal inquiry resulting from a letter from the non-equity member in the Commonwealth Chesapeake Project raising issues related to the arbitration proceeding involving that project, which previously was disclosed in the company’s Quarterly Report on Form 10-Q for the quarter ended Mar. 31, 2004, the SEC has requested additional information primarily relating to the allegations made in these securities class action lawsuits and focusing on various merchant plant investments and related matters.

 

The company cannot predict the ultimate resolution of these matters, including the class action litigation and the Grupo-related proceedings, at this time, and there can be no assurance that any such matters will not have a material adverse impact on TECO Energy’s financial condition or results of operations.

 

See also the discussions of the outcome of the coal transportation contract hearing before the FPSC in the Regulation – Coal Transportation Contract Section of MD&A, Notes 3 and 13 to the TECO Energy Consolidated Financial Statements and Notes 3 and 10 to the Tampa Electric Company Consolidated Financial Statements, and also the discussion of environmental matters in Note 12 to the TECO Energy Consolidated Financial Statements and Note 9 to the Tampa Electric Company Consolidated Financial Statements.

 

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