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(business) SDG&E, SoCal Gas, parent company Sempra Energy on Trial (moved from ATSNN)

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posted on Oct, 26 2005 @ 12:42 PM
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Opening statements begin today in the high stakes trial of energy giant Sempra over charges executives conspired with El Paso Corp. to control markets and contrive the California energy crisis of 2000-2001. El Paso Corp. settled out of court in 2003.
 



www.contracostatimes.com
Sempra on trial for charges of squeezing gas supplies

ELLIOT SPAGAT

Associated Press


SAN DIEGO - A mammoth class-action lawsuit that goes to trial Wednesday accuses the owner of Southern California's two major gas utilities of conspiring during a clandestine hotel meeting to limit supplies and drive up prices during the energy shortages of 2000 and 2001.

The suit against Southern California Gas Co. and San Diego Gas & Electric Co. - along with parent company Sempra Energy - accuses the companies' executives of meeting in a Phoenix hotel room to divvy up markets with a competitor. In 2003, El Paso Corp. settled the case and other complaints involving California's energy crisis for $1.6 billion.




Please visit the link provided for the complete story.


It will cost Sempra $23 billion in ill gotten gains if they lose this case. That makes the $241 million spent since the end of June on the defense of this and other claims pocket change. Negotiations for a settlement are apparently on-going, but Sempra, of course, denies any wrongdoing.

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[edit on 26-10-2005 by Icarus Rising]




 
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