Oil Cos. Denied Pricing Relief On Govt. Contracts

Law360, New York (September 21, 2007, 12:00 AM EDT) -- An appellate court has ruled that there was no breach of contract by the U.S. government when it included an economic price adjustment clause in its military fuel contracts with energy companies including ConocoPhillips Co.

In a decision issued Friday, the U.S. Court of Appeals for the Federal Circuit found that the clause in question was not unlawful, and therefore upheld the ruling of the lower court, the U.S. Court of Federal Claims, against ConocoPhillips and La Gloria Oil & Gas Co.

“Because the plaintiffs have...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.