5th Circ. Affirms Award In Oil Fraud Suit

Law360, New York (December 13, 2010, 6:49 PM EST) -- A federal appeals court has affirmed a multimillion-dollar judgment against an oil company and two executives accused of signing contracts and taking investment money for a nonexistent exploration project.

The judgment against Ash Petroleum Inc., Ash President Gene H. Irwin and CEO James Peak will stand, including exemplary damages against Irwin and Ash, the U.S. Court of Appeals for the Fifth Circuit ruled Friday.

In September 2009, Judge Sidney Fitzwater of the U.S. District Court for the Northern District of Texas found Ash and Irwin liable...
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