KeySpan Hit With Antitrust Action Over Power Rates

Law360, New York (July 20, 2010, 3:48 PM EDT) -- KeySpan Corp. and Morgan Stanley Capital Group Inc. are facing a putative antitrust class action that accuses them of entering into a derivative transaction that allowed the electricity generation company to keep power prices artificially high.

The suit, filed Friday in the U.S. District Court for the Southern District of New York by New York resident Charles Simon, seeks damages of at least $118 million on behalf of a class of New York consumers.

According to the complaint, KeySpan entered into a swap agreement with Morgan...
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