Blountville
73° F
Scattered Clouds
Scattered Clouds
Greeneville
73° F
Scattered Clouds
Scattered Clouds
Abingdon
75° F
Scattered Clouds
Scattered Clouds
Advertisement

Alpha to pay Massey investors $265 million in settlement

Published On: Feb 24 2014 10:48:48 AM CST

Alpha Natural Resource's corporate headquarters in Bristol, Virginia

BRISTOL, Va. -

Alpha Natural Resources will pay $265 million in a settlement with former Massey Energy investors.

The investors say they were deliberately misled about Massey's safety record, which artificially inflated stock prices.

Alpha bought the company in 2011. The Bristol-based coal producer said Monday that U.S. District gave preliminary approval of the deal.

Shareholders say they had no knowledge of Massey's long history of violations until after the Upper Big Branch mine in West Virginia exploded in April 2010, killing 29 miners.