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NiSource Board Beats Pension Fund Suit Over Pipeline Explosions

July 1, 2022, 5:48 PM

Current and former members of the NiSource Inc. board escaped litigation in Delaware blaming them for a series of pipeline explosions in Massachusetts that killed one person, started 141 fires, and forced 30,000 people to evacuate three towns.

Chancellor Kathaleen St. Jude McCormick dismissed the allegations Thursday, saying the lawsuit failed to show the energy company’s board faced significant legal exposure for failing to oversee its safety operations or turning a blind eye to red flags.

Under those circumstances, the pension fund leading the case had no excuse for failing to demand an internal investigation before bringing a shareholder derivative ...