Jury can't reach verdict in corruption trial of 2 ex-FirstEnergy executives in $60M bribery scandal

COLUMBUS, Ohio (AP) — Jurors in an Ohio corruption trial said Tuesday that they couldn't reach a verdict in the case against two fired FirstEnergy Corp. executives for their alleged role in a $60 million bribery scheme.

The jury in Akron said it was at an impasse in the trial of former CEO Chuck Jones and former senior vice president Michael Dowling. They were charged with felony corruption, bribery, conspiracy and aggravated theft for paying $4.3 million to the state’s future top utility regulator. The judge said she will consider a mistrial motion at a later time.

Prosecutors said Jones and Dowling bribed Public Utilities Commission of Ohio chair-to-be Sam Randazzo for legislative and regulatory favors. The defense had argued the payment represented an above-board legal settlement.

As part of a non-prosecution agreement in 2021, FirstEnergy had already admitted to underwriting the $60 million scheme in which former Ohio House Speaker Larry Householder elected allies, secured power, passed the bailout bill and then used a dirty-tricks campaign to defend it from a citizen referendum.

Householder was sentenced to 20 years in prison for racketeering in 2023 for orchestrating the scheme. Lobbyist and former Ohio Republican Party Chair Matt Borges got five years. Two political operatives who were among those initially charged pleaded guilty and a dark money group admitted in court to serving as a conduit for the cash. Randazzo and a different lobbyist who also faced criminal charges died by suicide.

Prosecutors had argued that Jones and Dowling bribed Randazzo in exchange for regulatory and legislative favors, most notably his work championing House Bill 6, a $1 billion bailout for two FirstEnergy-affiliated nuclear plants. The defense argued the $4.3 million payment represented an above-board legal settlement to Randazzo for services he provided to the Akron-based power giant.

The defense painted Randazzo as “a thief” and “a con man” who bore sole responsibility for the misuse of FirstEnergy money. Prosecutors said Jones and Dowling were savvy grown men who knew exactly what they were doing.

The highest profile witness to testify during the six-week trial was U.S. Sen. Jon Husted, a former Ohio lieutenant governor who confirmed to jurors that he was present at a key Dec. 18, 2018, dinner between himself, then-Gov.-elect Mike DeWine, Jones, Dowling and Josh Rubin, who doubled as an advisor to the governor’s campaign and a lobbyist for FirstEnergy.

Rubin provided advice to the executives earlier that day on how to lobby DeWine to favor the company’s preferences to chair the PUCO, according to a text contained in the criminal complaint.

Rubin cautioned them not to mention to DeWine that they would be meeting Randazzo at his residence after the dinner. Later in the day, Randazzo texted Dowling a list of figures for the years 2019 through 2024, “Total 4,333,333.” “Got it, Sam,” Dowling replied. “Good seeing you as well. Thanks for the hospitality. Cool condo.”

The next day, Jones also texted Randazzo. “We’re going to get this handled this year, paid in full, no discount,” he wrote. “Don’t forget about us or Hurricane Chuck may show up on your doorstep! Of course, no guarantee he won’t show up sometime anyway.”

Randazzo replied, “Made me laugh — you guys are welcome anytime and anywhere I can open the door. Let me know how you want me to structure the invoices. Thanks.”

Defense attorney George Stamboulidis talks with defendant former FirstEnergy CEO Chuck Jones after a jury question in Summit County Common Pleas Judge Susan Baker Ross' courtroom in Akron, Ohio, on Tuesday, March 31, 2026. (Mike Cardew /Akron Beacon Journal via AP, Pool)

Defendants ex-FirstEnergy Senior Vice President Michael Dowling and defense attorney George Stamboulidis watches a live transcription of an in chamber conference on a jury question in Summit County Common Pleas Judge Susan Baker Ross' courtroom in Akron, Ohio, on Tuesday, March 31, 2026. (Mike Cardew /Akron Beacon Journal via AP, Pool)

Defendant ex-FirstEnergy Senior Vice President Michael Dowling watches a live transcription of an in chamber conference on a jury question in Summit County Common Pleas Judge Susan Baker Ross' courtroom in Akron, Ohio, on Tuesday, March 31, 2026. (Mike Cardew /Akron Beacon Journal via AP, Pool)

Defendants former FirstEnergy CEO Chuck Jones and ex-FirstEnergy Senior Vice President Michael Dowling enter the courtroom in Summit County Common Pleas Judge Susan Baker Ross' courtroom in Akron, Ohio, on Tuesday, March 31, 2026. (Mike Cardew /Akron Beacon Journal via AP, Pool)

Defendant former FirstEnergy CEO Chuck Jones enters the court for a jury question in his case in Summit County Common Pleas Judge Susan Baker Ross' courtroom in Akron, Ohio, on Tuesday, March 31, 2026. (Mike Cardew/Akron Beacon Journal via AP, Pool)

NEW YORK (AP) — U.S. stocks are jolting higher Tuesday and recovering a chunk of their losses because of the war with Iran.

The S&P 500 leaped 2.3% and is heading toward its best day since the war began, a day after it fell more than 9% below its all-time high set early this year. The Dow Jones Industrial Average was up 841 points, or 1.9%, as of 12:59 p.m. Eastern time, and the Nasdaq composite was 3.2% higher.

The rebound came as movements for oil prices took some pressure off Wall Street. The price for a barrel of Brent crude oil, the international standard, fell 2.1% to $105.13. Benchmark U.S. crude fell 0.7% to $102.12.

Oil prices have been dictating the U.S. stock market’s sharp swings since the war began, with Brent shooting from roughly $70 per barrel to as high as $119 at times. The worry is that the war may last a long time and keep oil and natural gas from the Persian Gulf out of global markets, which could create a brutal blast of inflation.

Analysts said optimism entered markets overnight following a report from The Wall Street Journal saying President Donald Trump told aides he’s willing to end the U.S. military campaign against Iran even if the Strait of Hormuz remains largely closed. The strait is a narrow waterway connecting the Persian Gulf to the open ocean, and a fifth of the world’s oil sails through it on a typical day.

To get the strait open, Trump could try diplomatic talks with Iran and then push allies in Europe and the Gulf to take the lead, according to the report.

On his social media network, Trump on Tuesday urged the United Kingdom and other countries to “build up some delayed courage, go to the Strait, and just TAKE IT.”

Trump’s own words have become less impactful for financial markets, after he touted what he called productive talks over the last week, only to turn around and threaten the “obliteration” of Iranian power plants.

Of course, oil prices could quickly revert to a spike if tankers carrying crude can't get through the strait easily. Iran attacked a fully loaded Kuwaiti oil tanker in the Persian Gulf in the latest fighting that has shown few signs of lessening.

And oil prices have already shot high enough that inflation in Europe accelerated to 2.5% in March, up from February’s 1.9%.

In the United States, the price for a gallon of gasoline topped $4 per gallon for the first time since 2022. That’s squeezing budgets for U.S. households and preventing them from spending on other things. Worries about that and pressured profit margins for companies have the S&P 500 on track to close Tuesday with its worst quarterly loss in nearly four years.

That three-month performance would have been worse if not for Tuesday's slowdown for oil prices, which helped stocks of companies that have big fuel bills. Norwegian Cruise Line Holding steamed 4.5% higher, and Delta Air Lines climbed 4.3% to trim their losses for the year so far.

Tech stocks, meanwhile, were the strongest forces lifting the market. Marvell Technology climbed 11.4% after Nvidia invested $2 billion in the company and announced a partnership with it.

Nvidia rose 4.8% and was the single strongest force lifting the S&P 500.

Centessa Pharmaceuticals soared 44.9% after Eli Lilly said it was buying the company working on treatments for excessive daytime sleepiness and other neurological conditions. Lilly, which is paying up to $7.8 billion if certain conditions are met, rose 2.8%

They helped offset a 0.7% drop for McCormick. The spice company is buying most of Unilever’s food business, including such brands as Hellmann’s, for cash and stock valuing it at $44.8 billion.

In the bond market, Treasury yields eased again. The yield on the 10-year Treasury fell to 4.30% from 4.35% late Monday and from 4.44% at the end of last week. That’s a significant move for the bond market.

Lower yields should pull downward on rates for mortgages and other loans for U.S. households and businesses, which have been screaming higher since the war began. The yield on the 10-year Treasury was at just 3.97% in late February, before worries about high oil prices pushed traders to erase bets for cuts to interest rates by the Federal Reserve this year.

Yields remained lower following a couple reports Tuesday on the U.S. economy that came in better than economists expected. One said confidence among U.S. consumers unexpectedly improved. The other said U.S. employers were advertising more job openings at the end of February than expected, though fewer than the month before.

In stock markets abroad, indexes rose in Europe following a tougher finish in Asia. South Korea’s Kospi fell 4.3%, and Japan’s Nikkei 225 lost 1.6% for two of the bigger moves.

AP Business Writers Chan Ho-him and Matt Ott contributed.

Philip Finale works on the floor at the New York Stock Exchange in New York, Tuesday, March 31, 2026. (AP Photo/Seth Wenig)

Bobby Charmak works on the floor at the New York Stock Exchange in New York, Monday, March 30, 2026. (AP Photo/Seth Wenig)

James Denaro works on the floor at the New York Stock Exchange in New York, Monday, March 30, 2026. (AP Photo/Seth Wenig)

Christopher Lagana works on the floor at the New York Stock Exchange in New York, Monday, March 30, 2026. (AP Photo/Seth Wenig)

FILE - Liberia-flagged tanker Shenlong Suezmax, carrying crude oil from Saudi Arabia, that arrived clearing the Strait of Hormuz, is seen at the Mumbai Port in Mumbai, India, Thursday, March 12, 2026. (AP Photo/Rafiq Maqbool, file)

A currency trader reacts near a screen showing international oil prices at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Tuesday, March 31, 2026. (AP Photo/Ahn Young-joon)

Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index (KOSPI), top center, and the foreign exchange rate between U.S. dollar and South Korean won, top center left, at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Tuesday, March 31, 2026. (AP Photo/Ahn Young-joon)

Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI), top right, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Tuesday, March 31, 2026. (AP Photo/Ahn Young-joon)

A currency trader talks on the phone near a screen showing the Korea Composite Stock Price Index (KOSPI), top center, and the foreign exchange rate between U.S. dollar and South Korean won, top center left, at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Tuesday, March 31, 2026. (AP Photo/Ahn Young-joon)