Duke Energy Sues Massey For $18M Over Coal Contract

Law360, New York (February 11, 2011, 5:59 PM EST) -- A group of Duke Energy Corp. subsidiaries has hit Massey Energy Co.'s coal sales unit with a suit alleging that Massey cost Duke $18 million when it backed out of a coal supplying contract.

The Duke units filed suit in the U.S. District Court for the Southern District of West Virginia on Wednesday over Massey allegedly refusing to supply coal to a chemical facility in Narrows, Va., at $54 a ton.

The chemical facility owner, Celanese Acetate LLC, had a deal with a Duke subsidiary —...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.