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Council OKs Settlement From Energy Firm

June 28, 2003|From Staff and Wire Reports

The City Council approved a partial settlement of its price-fixing lawsuit against El Paso Corp. on Friday, signing a pact to create new rules aimed at preventing the firm from manipulating the gas supply market.

The council action came a day after El Paso agreed to a broader settlement in which it will pay $1.7 billion to California and other states over allegations it manipulated gas prices during the energy crisis last year.

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