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    News

    LB Will Receive $17 Million From El Paso Natural Gas Settling LB Antitrust Suit...And LB's Share Is Higher Percentage Of Its Total Damages Than Any Other Party Will Receive In El Paso Settlements

    We Post Details From City Att'y Office


    (March 25, 2003) -- The City Attorney's office has announced that the City of LB will receive $17 million from El Paso Natural Gas as a result of that firm's settlement of a lawsuit filed by the City of Long Beach (previously reported by LBReport.com) alleging antitrust conspiracy in violation of CA's Cartwright Act to divide up natural gas markets in western U.S. and unfair business practices under CA Bus. & Prof. Code 17200.

    The $17 million LB will receive from El Paso is a higher percentage of LB's total damages than any other party will receive from El Paso. LB's case was coordinated other cases, including those filed by the City of L.A., County of L.A. and State of Nevada and El Paso is settling all claims that numerous parties have against it.

    Terms of LB's settlement with El Paso are detailed in a fact sheet from the City Attorney's office which LBReport.com posts in full on a link below.

    The City Attorney's Office notes that the settlement with El Paso does not affect LB's claims against the other named defendants in the LB suit (Sempra Energy, So. Cal. Gas and San Diego Gas & Electric).

    The City Attorney's office says the City of LB will continue to pursue additional damages against the other named defendants...and trial is presently scheduled for February, 2004.

    City Attorney's Office fact sheet: Terms of Long Beach's Settlement With El Paso Natural Gas.


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