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,...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

NATIXIS FINANCIAL PRODUCTS LLC V. PUBLIC SERVICE ELECTRIC AND GAS COMPANY, et al


Case Number

2:13-cv-07076

Court

New Jersey

Nature of Suit

Contract: Other

Judge

William H. Walls

Date Filed

November 20, 2013

Law Firms

Companies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.