Final Approval Hearing Set in California Class Action Suits Against El Pas

[Judi Lynn]

Friday, September 12, 2003
Final Approval Hearing Set in California Class Action Suits Against El Paso Natural Gas
36 minutes ago

SAN DIEGO, Sept. 12 /U.S. Newswire/ -- A proposed class action settlement between California business and residential users of natural gas and electricity and defendants El Paso Corporation, El Paso Natural Gas Co., and El Paso Merchant Energy, L.P. (together, "El Paso") would provide about $1.4 billion to reduce utility rates throughout the state. In the antitrust lawsuit, El Paso was accused of manipulating supplies and prices of natural gas during the California energy crisis of 2000 and 2001, and of conspiring with Southern California Gas Company and San Diego Gas & Electric to eliminate competitive pipeline projects. The defendants have denied all wrongdoing.


Consumers state-wide can find out more information about the settlement through the settlement website, http://www.elpasosettlement.com, and/or a consumer helpline, 877-205-2720. Advertisements are also currently underway to alert California energy consumers of their rights in the settlement.


The settlement provides approximately $463 million in up-front cash and stock, which will be applied to reduce gas and electricity rates and to reimburse eligible businesses for a portion of their losses. Over the next 15-20 years, El Paso will pay an additional $798 million for these same purposes. The settlement also provides for certain changes to El Paso's business practices designed to help stabilize supplies of natural gas to California.


"During the energy crisis, Californians were victimized by the Enrons of the world, whose abuses were made possible by energy deregulation. In this settlement, El Paso will pay back many times what it made trading gas during the energy crisis. This is a good deal for California and Californians," said Barry Himmelstein, counsel for the plaintiffs, with Lieff, Cabraser, Heimann, & Bernstein, LLP of San Francisco. (snip/...)

http://story.news.yahoo.com/news?tmpl=story&cid=669&ncid=669&e=2&u=/030912/180/59147.html

[DK666]

1. Boy howdy

Were taking it up the poop chute on this one. FERC buggered us on the last one so here we go again/

DK666

Living in the land of RWRN* in lovely San Diego California.




*RWRN - Right Wing Republican Nutballs

[salin]

2. CA dems (esp Davis)

need to USE these cases.... link them together including how FERC has manipulated the process to disallow the recoup losses from the california energy swindle. Then link that to LAY (he is how Wood - head of the FERC got in). Then a) link Lay to Arnold; and BIGGER b) link the RECALL to the WHITEHOUSE that enabled the crisis to mount (no! let the market work! its the environmentalists fault! conservatiion is for wimps!) AND that directs FERC.

[AndyTiedye]

3. Hammer Arnie about THE MEETING!

That meeting is a smoking gun if ever there was one.

[proud patriot]

4. ah ..Yes El Paso Energy ..Bill Simon's got Connections to this Company

Thank goodness Davis kicked his booty ...