Cambridge Says Lukoil Is Wrong About $49M Debt

Law360, New York (January 12, 2012, 8:52 PM EST) -- New York-based holding company Cambridge Petroleum sued the U.S. arm of petroleum giant Lukoil Tuesday, challenging Lukoil's claim that Cambridge owes it $49 million in debt from its 2011 purchase of a Lukoil-owned marketing company.

Cambridge contends that Lukoil is actually the one that needs to pay up. The Russia-based Lukoil owes Cambridge $30 million for unspecified breaches of the purchase agreement, Cambridge argued in the lawsuit, which was filed in New York Supreme Court.

The dispute revolves around outstanding debts from Cambridge's February 2011 purchase...
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