Cobb County Superior Court Judge Steve Schuster signed a historic $100 million settlement Tuesday morning between the Cobb Electric Membership Corporation and hundreds of thousands of members, both past and present.
The settlement brings to rest a lawsuit that started in 2010 and alleged that the EMC had not paid its members dividends in about 40 years. The settlement payments to members ranges from the Cobb County School Board’s $1.8 million to individual residents who receive $15 or $20.
All members were given the choice of taking a larger amount spread over 20 years, or a single payout.
“Whoever thought this day would come,” Schuster said before signing the settlement.
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