Energy giants are facing a hefty $50 million settlement following allegations of price-fixing in the gas market. Vitol, SK Energy Americas, and its parent company SK Trading International are accused of colluding to artificially inflate gas prices, violating California’s Cartwright Act and Unfair Competition Law.
Although the trio has not admitted any wrongdoing, they have agreed to settle a lawsuit brought forth by California’s Attorney General and a class action lawsuit simultaneously. As part of the settlement, approximately $37.5 million will be distributed to class members.
Individuals who purchased gas between February 20th, 2015, and November 10th, 2015, in select Southern California counties are eligible to submit a claim. These counties include Los Angeles, San Diego, Orange, Riverside, San Bernardino, Kern, Ventura, Santa Barbara, San Luis Obispo, and Imperial.
The deadline for submitting a claim is January 8th, and claims can be filed online at vlc.calgaslitigation.com. The lawsuit against the gas companies was initiated by the California Attorney General in 2020, alleging that they conspired to manipulate gas prices following a refinery explosion in Torrance in 2015.
The companies are accused of unlawfully manipulating the spot market to increase gas prices, ultimately profiting at the expense of California consumers. This settlement serves as a form of restitution for those affected by the alleged price-fixing scheme.
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As the legal proceedings come to a close with this settlement, it underscores the importance of fair competition and transparency in the energy sector. Consumers deserve pricing that reflects market dynamics rather than artificial manipulation for corporate gain.