PSE&G Hit With $2.5B Suit Over Equipment Contract

Law360, New York (November 22, 2013, 6:33 PM EST) -- Public Service Electric & Gas Co. reneged on a deal to pay Vision Impact Corp. for energy saving equipment installed back in 1995, causing $2.5 billion in damages, according to a complaint filed Friday in New Jersey federal court.

Natixis Financial Products LLC, who assumed the rights of Vision Impact and its related companies when it defaulted on a loan, says PSE&G entered a contract in 1995 with the energy saving company to increase efficiency and cut costs at government buildings and hospitals.

Under the contract,...
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