Paper Co. Pays $3M In FERC Power Grid Manipulation Suit

Law360, Los Angeles (March 25, 2013, 5:47 PM EDT) -- Rumford Paper Co. will pay $3 million to settle the Federal Energy Regulatory Commission's suit accusing the bankrupt paper manufacturer of manipulating a grid-balancing system to get payments for reducing its power demand, according to agency documents released Friday.

Although an order approving a stipulation and consent agreement by the FERC indicated that Rumford had agreed to a $10 million civil penalty and a $2.8 million disgorgement, the agency decided to let it off the hook for $3 million due to its Chapter 11 proceedings in...
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