Koch Must Pay Amoco $5M In Stock Deal: 11th Circ.

Law360, New York (January 15, 2009, 12:00 AM EST) -- A subsidiary of Koch Industries Inc. must pay Amoco Pipeline Holding Co. $5 million under a purchase agreement for shares in a Southeast U.S. petroleum pipeline, an appeals court has ruled.

The ruling in the U.S. Court of Appeals for the Eleventh Circuit on Wednesday overturned a lower court decision that had found Kansas-based Koch was not required to pay the money under its agreement to buy Amoco's shares in Colonial Pipeline Co.

Koch paid $295 million in 2002 for Amoco's 18 percent share in the...
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