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California

Zorro

(16,373 posts) Thu Jul 11, 2024, 10:02 AM Jul 2024

Two companies agree to pay $50M over allegations they manipulated California gas prices

The California Attorney General’s Office on Wednesday announced a $50 million settlement over allegations that two gasoline trading firms secretly worked together and manipulated prices on the spot market for gasoline in Southern California in 2015.

The agreement is scheduled to go before San Francisco Superior Court Judge Y.S. Cheng on Aug. 2 to be finalized.

Pending the judge’s approval, the settlement wraps up four years of litigation between the Attorney General, Dutch multinational energy and commodity trading company Vitol, Korea-based SK Energy Americas and SK’s trading arm.

During that time, more than 2 million documents were exchanged and some 50 depositions were submitted among the parties.

https://www.sandiegouniontribune.com/2024/07/10/two-companies-agree-to-pay-50m-over-allegations-they-manipulated-california-gas-prices/