El Paso Corp. Settles Class Action Suit For $273M

Law360, New York (August 2, 2006, 12:00 AM EDT) -- Natural gas provider El Paso Corporation has agreed to pay $273 million to settle a shareholder class action alleging securities fraud and the manipulation of markets.

"These settlements resolve the last major legacy issue for El Paso," said Doug Foshee, president and chief executive officer of El Paso. "We believe this is the right course of action for our stakeholders as we eliminate litigation uncertainty and allow investors to focus on the progress of our company."

El Paso announced the settlement Wednesday. The agreement would resolve...
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