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Security Limits Case Against AVANGRID Voluntarily Dismissed
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Rhea-AI Summary
AVANGRID (NYSE: AGR) announced that Security Limits, Inc. has voluntarily dismissed its defamation case against the company and its major shareholder, Iberdrola, S.A. Security Limits offered no evidence or sworn testimony to support its accusations, which AVANGRID has consistently asserted are unfounded. Although the New York case is dismissed, AVANGRID is pursuing defamation claims against Security Limits in New Mexico. AVANGRID maintains its commitment to ethical business practices, having been recognized as one of the World’s Most Ethical Companies for three consecutive years.
Positive
Security Limits voluntarily dismissed its defamation case against AVANGRID without any settlement.
AVANGRID continues to demonstrate its commitment to ethics, being recognized as one of the World’s Most Ethical Companies for three consecutive years.
Negative
AVANGRID is still pursuing legal action in New Mexico related to defamation claims.
The lawsuit has the potential to impact AVANGRID's public reputation and could lead to further legal costs.
ORANGE, Conn.--(BUSINESS WIRE)--
AVANGRID, Inc. (AGR: NYSE), a leading sustainable energy company, today announced that Security Limits, Inc. has voluntarily dismissed its case in the U.S. District Court for the Southern District of New York against AVANGRID, its major shareholder Iberdrola, S.A., and all other defendants. Security Limits never provided any evidence or sworn testimony to support its case and has failed to answer or dispute charges of defamation and extortion.
“As we’ve said from the start, these claims have no merit and today’s action by Security Limits validates this,” said Robert Kump, AVANGRID President and Deputy CEO. “Critics of AVANGRID seized on these unverified allegations in a rush to judgment, disregarding AVANGRID’s well-documented and independently-recognized compliance and ethics culture, system and practices.”
While the New York case against AVANGRID is over, AVANGRID continues to pursue claims in New Mexico state court against Security Limits and its founder Paolo Silva for defamation and tortious interference. In the suit, AVANGRID lays out how Security Limits, a disgruntled former Avangrid Networks sub-contractor, endeavored to extort AVANGRID into giving it work opportunities. When AVANGRID refused to do so, Security Limits defamed AVANGRID during the public comment periods before the New Mexico Public Regulation Commission, which was considering AVANGRID’s merger with PNM Resources.
“Mr. Silva’s statements about our company during the New Mexico Public Regulation Commission public comment periods were false and damaging to our company’s reputation,” Mr. Kump added. “AVANGRID prides itself on being an ethical, responsible company. We do not take false accusations against us lightly, and we will continue to seek relief against Security Limits and Silva to the fullest extent of the law.”
It is important to note that there was no settlement between the parties, and AVANGRID and Iberdrola paid no money to Security Limits. Security Limits dismissed the New York case voluntarily.
AVANGRID has been recognized as one of the World’s Most Ethical companies by the Ethisphere Institute for three consecutive years.
About AVANGRID: AVANGRID, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $39 billion in assets and operations in 24 U.S. states, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs approximately 7,000 people and has been recognized by JUST Capital in 2021 and 2022 as one of the JUST 100 companies – a ranking of America’s best corporate citizens. In 2022, AVANGRID ranked second within the utility sector for its commitment to the environment and the communities it serves. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2021 for the third consecutive year by the Ethisphere Institute. For more information, visit www.avangrid.com.
