El Paso Loses Bid to Dismiss Calif. Suits
From Bloomberg News
El Paso Corp. lost a bid for dismissal of antitrust suits by Californians who claim that the firm manipulated the price of gas sold in the state. California’s Supreme Court, without comment, refused to intervene.
The suits claim that El Paso improperly limited construction of new pipeline to California and otherwise manipulated prices. The 11 consoli- dated cases may be the first consumer suits from California’s power crisis to go to trial.
Shares of Houston-based El Paso rose 18 cents to $4.90 on the NYSE.
