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US: Northstar Energy seeking triple damages in exposed oil bid-rigging scheme

By  |  February 26, 2013
US: Northstar Energy seeking triple damages in exposed oil bid-rigging scheme

Oil and gas field developer Northstar Energy is reportedly suing gas producers Chesapeake Energy Corp. and Encana Corp. for price-fixing, and seeking triple damages from the companies. The two defendants of the federal civil suit have admitted to discussions over forming a joint venture in Michigan, where Northstar is accusing the two of price-fixing, but the a deal was never reached. According to reports, the alleged collusion was exposed after an investigation by Reuters; Reuters had publicized uncovered emails between Chesapeake and Encana executives and include an exchange in which the companies suggest only one of the companies bid against Northstar in an auction to keep prices down.

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