Gas Co. Pays $100M To Settle Contract Dispute

Law360, New York (January 31, 2007, 12:00 AM EST) -- Two natural gas companies said Wednesday that they reached a $100 million settlement agreement, putting an end to ongoing litigation over a contract involving the purchase and re-sale of liquefied natural gas.

Spectra Energy Corp., a recent spin-off of Duke Energy Corp., will put the sum into a reserve to settle ongoing litigation brought by Citrus Trading Corp. over a 1998 contract.

Spectra, a Houston-based midstream natural gas company, said the litigation was a liability it inherited when it separated from Duke on January 2....
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