FERC Says No To Enron’s $120M Fee Request

Law360, New York (June 29, 2006, 12:00 AM EDT) -- The Washington utility company that helped uncover an Enron Corp. conspiracy to manipulate energy markets will not have to pay Enron a $120 million contract termination fee, federal regulators have determined.

The Federal Energy Regulatory Commission ruled that the Snohomish County Public Utility District does not have to pay the fee because “financial fraud induced Snohomish to enter into the contract.”

Although Enron had been trying to collect the money through bankruptcy court, the FERC has the final say in all Enron demands for termination payments...
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