SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report
(Date of earliest event reported):
November 27, 2000
DUKE ENERGY CORPORATION
(Exact Name of Registrant as Specified in Charter)
NORTH CAROLINA 1-4928 52-0205520
(State or Other Jurisdiction (Commission File No.) (IRS Employer
of Incorporation) Identification No.)
526 South Church Street
Charlotte, North Carolina 28202-1904
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 704-594-6200
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Item 5. Other Events.
Duke Energy North America ("DENA") and Duke Energy Trading and
Marketing LLC ("DETM"), affiliates of the registrant, have been named among
sixteen defendants in a class action lawsuit recently filed against companies
identified as "generators and traders" of electricity in California markets.
Additionally, DETM was named among thirteen defendants in another class action
lawsuit against marketers and other unnamed sellers of electricity in California
markets. Both of these lawsuits were filed in the Superior Court of the State of
California, San Diego County in November 2000 and allege violations by the
defendants of state antitrust laws and state laws against unfair and unlawful
business practices. Plaintiffs in the first set of claims seek aggregate damages
of over $4 billion and the plaintiffs in the second set of claims allege damages
in excess of $1 billion. The lawsuits each seek an award of treble damages and
the disgorgement of alleged unlawful profits for sales of electricity during all
or portions of 2000.
This litigation is at its earliest stage, and thus the registrant
cannot accurately predict the ultimate outcome of the lawsuits with any degree
of certainty at this time. However, the registrant does not believe, based on
its analysis to date of the factual background and the claims asserted in these
suits, that the resolution of these suits will have a material adverse
effect on its financial condition, results of operations or cash flows.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
DUKE ENERGY CORPORATION
By:
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Richard J. Osborne
Executive Vice President and
Chief Financial Officer
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