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Case ID: 2575 | Miscellaneous | 11/17/2004
The parties have reached a tentative $1.6+ billion settlement of several legal actions against energy provider El Paso Corporation on behalf of all California, Oregon, Washington, and Nevada electricity ratepayers. The action alleges that the company illegally manipulated the energy markets in those four states during the 2000-2001 energy crisis on the U.S. West Coast, in violation of state and federal antitrust and unfair competition laws. The benefits will be disbursed over a 15- to 20-year period in the form of utility rate reductions.
The settlement agreement provides California ratepayers $1.32 billion in cash and $125 million in savings on previously negotiated energy contracts, for a total of $1.45 billion in benefits. The agreement also (1) includes $92 million in cash and noncash benefits for Oregon, Washington, and Nevada ratepayers; (2) puts in place a pricing structure aimed at ensuring that El Paso will not be able to manipulate California's natural gas prices in the future; and (3) requires El Paso to make available to its California delivery points 3,290 million feet per day of firm, primary pipeline capacity. During that period, the company cannot contract with any of its affiliates to provide them capacity on the system. The action alleges that the company manipulated the market by rigging an auction for natural gas pipeline transmission capacity into California so that its energy trading subsidiary would acquire the capacity. Once the company had acquired that capacity, it allegedly used the capacity to drive up prices on the spot market for California consumers and businesses. This, in turn, affected markets in neighboring states. This is the fifth settlement--and the largest--that has grown out of the California Attorney General's investigation into the energy crisis. Combined, the agreements are reportedly valued at $2.1. Natural gas is the primary fuel used to power electricity generating plants in California and elsewhere in the West. The settlement will not be effective until the courts grant it final approval. The court has scheduled a hearing on the matter for November 20, 2003. At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Miscellaneous Cases of Interest A $5 billion class-action lawsuit has been filed in federal courts by multiple attorneys in several states against DuPont Co. saying the company failed to warn consumers of the dangers of a Teflon chemical. More than 9,000 people who received shots to ward off hepatitis A after an outbreak at a Chi-Chi's restaurant can make a claim in an $800,000 class-action settlement.
The federal judge overseeing Chi-Chi's bankruptcy has approved notice to the
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