SemGroup Execs To Pay $30M To Settle Fraud Charges

Law360, New York (September 23, 2010, 2:04 PM EDT) -- Five former SemGroup LP executives have agreed to fork over $30 million to settle breach of contract and other charges related to the unauthorized sale of crude oil options that led to the now-solvent petroleum distributor’s bankruptcy.

Bettina Whyte, the trustee for the SemGroup litigation trust, asked for approval of the settlement in a motion filed Wednesday in the U.S. Bankruptcy Court for the District of Delaware.

The deal will resolve claims against the five former executives — Thomas Kivisto, Gregory Wallace, Brent Cooper, Kevin Foxx...
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