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....
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.