LAWSUITS NEWS & LEGAL INFORMATION
Propane Antitrust
This is a settlement for the Antitrust lawsuit.
Washington, DC: (Oct-23-07) The US Department of Justice and the Commodity Futures Trading Commission (CFTC) brought civil charges against BP Plc, alleging that the company tried to manipulate propane prices in the United States by cornering the market in February 2004. The suit stated that BP employees bought enormous quantities of propane, until it owned more than 88% of all supplies to be delivered through the TEPPCO products pipeline from Mont Belvieu, Texas, to markets in the Northeast and Midwest United States. The suit started with a 42-page complaint filed in a US district court in Illinois in June 2006, the CFTC alleged that the company acted with the knowledge, advice, and consent of senior management, when BP employees developed and executed a speculative trading strategy in which BP cornered the physical propane market.
As part of a settlement reached, BP Plc agreed to pay $303 million to settle civil charges. The federal agencies stated that there was certain confidentiality to the details of the case owing to its sensitive nature. [REUTERS: PROPANE ANTITRUST]
Published on Oct-25-07
As part of a settlement reached, BP Plc agreed to pay $303 million to settle civil charges. The federal agencies stated that there was certain confidentiality to the details of the case owing to its sensitive nature. [REUTERS: PROPANE ANTITRUST]
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