Morgan Stanley, KeySpan Zap Electricity Price Suit

Law360, New York (April 10, 2012, 8:14 PM EDT) -- The New York Supreme Court on Tuesday threw out a putative class action against KeySpan Corp. and Morgan Stanley Capital Group Inc. that accused them of entering into a derivative transaction that allowed the electricity generation company to keep power prices artificially high.

The five-judge panel reversed an order from August that denied the defendants’ motion to dismiss the case, saying that since the Federal Energy Regulatory Commission had already approved KeySpan’s installed capacity auction prices, the plaintiff, Consolidated Edison Co. customer Liszeida Perez, has no standing...
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