Energy giants are preparing to pay $50 million to settle allegations that they conspired to fix the price of gas.
Vitol, SK Energy Americas and its parent company SK Trading International are accused of working together to raise the price of gas in violation of California’s Cartwright Act and Unfair Competition Law.
Without admitting wrongdoing, the trio have agreed to settle a lawsuit from California’s Attorney General and a class action lawsuit simultaneously.
The outcome will send approximately $37.5 million to class members.
People who bought gas between February 20th, 2015 and November 10th, 2015 in several Southern California counties are eligible to submit a claim.
- Los Angeles
- San Diego
- Orange
- Riverside
- San Bernardino
- Kern
- Ventura
- Santa Barbara
- San Luis Obispo
- Imperial
The deadline to submit a claim is January 8th, and claims can be filed at vlc.calgaslitigation.com.
The California Attorney General filed its lawsuit against the gas companies back in 2020, accusing them of conspiring to fix prices in the wake of a refinery explosion in Torrance in 2015.
The companies allegedly manipulated the spot market to raise gas prices illegally, profiting at the expense of California consumers.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
Credit: Source link
