* The BGA’s Chuck Neubauer and WBEZ’s Dan Mihalopoulos report that former ComEd lobbyist and master Statehouse insider Mike McClain was still paid by ComEd even after he retired from lobbying…
The giant electric utility reported shelling out $361,000 to McClain for “legal services” in the two years after his retirement in December 2016, even though he is no longer authorized to practice law in Illinois, records show. […]
ComEd spokeswoman Jean Medina said this week McClain stopped working for the company in May. That was when the federal raid occurred at McClain’s home.
And Medina said ComEd executives believe the payments to McClain in 2017 and 2018 were “mislabeled” as being for legal services when the utility made its filings to state regulators.
“These amounts were for political consulting services,” Medina said. “Those payments were neither for lobbying nor legal work.”
* Meanwhile, Pomerantz LLP is a law firm that files a whole lot of class action shareholder lawsuits. From its website…
We are investigating Exelon Corporation (EXC) (“Exelon” or the “Company”) for potential violations of the federal securities laws.
On July 15, 2019, Exelon announced that both Exelon and Commonwealth Edison (“ComEd”), owned by Exelon, had received a grand jury subpoena from the U.S. Attorney’s Office in Chicago concerning Exelon’s lobbying activities in Illinois. Then, on October 9, 2019, Exelon disclosed receipt of a second grand jury subpoena regarding its communications with Illinois State Senator Martin Sandoval. On October 15, 2019, Exelon announced the abrupt departure of Anne Pramaggiore, Chief Executive Officer of Exelon Utilities. Analysts immediately identified the criminal subpoenas and Pramaggiore’s abrupt resignation as “being directly related to each other.” On this news, Exelon’s stock price fell $2.15 per share, or 4.57%, to close at $44.91 per share on October 16, 2019. Finally, on October 31, 2019, Exelon disclosed that the U.S. Securities and Exchange Commission had also opened an investigation into the Company’s lobbying activities. On this news, Exelon’s stock price fell $1.17, or 2.51%, to close at $45.49 per share on October 31, 2019.