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US: Revised settlement of gas bid-rigging case reached

By  |  April 24, 2013
US: Revised settlement of gas bid-rigging case reached

After a previous rejection of an initial settlement between the US Department of Justice and two natural gas firms, the parties have reportedly reached a new settlement revision, which has won approval from a judge. A US district judge in Denver, Colorado approved the DOJ’s request for a settlement approval with the two companies, Gunnison Energy Corp and SG Interests, which were accused of rigging bids for natural gas leasing contracts and colluding to not compete in bidding wars. According to reports, the companies will each pay $275,000 as well as be required to notify the DOJ of future bids for gas and oil leases. The judge had rejected a previous offer, which overlapped with another case initiated by the DOJ; District Judge Richard Matsche called the overlap “inappropriate.”

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    Full Content: Thomson Reuters

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