Pays

The Commodity Futures Trading Commission (CFTC) filed and simultaneously settled charges against BP America Inc. Thursday for engaging in illegal wash trading in the power market in 2000 via an electronic trading platform. The order directs BP Energy, the marketing arm of BP plc’s Gas, Power and Renewables unit, to cease and desist from further violations, pay a $100,000 civil penalty, and provide future cooperation in investigations of related matters. BP neither admitted nor denied the findings made in the order.

The Commodity Futures Trading Commission (CFTC) filed and simultaneously settled charges against BP America Inc. Thursday for engaging in illegal wash trading in the power market in 2000 via an electronic trading platform. The order directs BP Energy, the marketing arm of BP plc’s Gas, Power and Renewables unit, to cease and desist from further violations, pay a $100,000 civil penalty, and provide future cooperation in investigations of related matters. BP neither admitted nor denied the findings made in the order.

The Commodity Futures Trading Commission (CFTC) filed and simultaneously settled charges against BP America Inc. Thursday for engaging in illegal wash trading in the power market in 2000 via an electronic trading platform. The order directs BP Energy, the marketing arm of BP plc’s Gas, Power and Renewables unit, to cease and desist from further violations, pay a $100,000 civil penalty, and provide future cooperation in investigations of related matters. BP neither admitted nor denied the findings made in the order.

Coral Energy Resources, a Shell subsidiary, on Thursday became what may be one of the last of many energy trading companies to have settled charges by the Commodity Futures Trading Commission (CFTC) of false price reporting and attempted manipulation of the natural gas market. Coral paid a $30 million civil penalty in the settlement but neither admitted nor denied the charges.

Coral Energy Resources, a Shell subsidiary, on Thursday became what may be one of the last of many energy trading companies to have settled charges from the Commodity Futures Trading Commission (CFTC) of false price reporting and attempted manipulation of the natural gas market. Coral paid a $30 million civil penalty in the settlement but neither admitted nor denied the charges.

Enron will pay $35 million to the Commodity Futures Trading Commission (CFTC) to settle charges that it, along with one of its natural gas traders, Hunter Shively, engaged in a scheme to manipulate the Henry Hub natural gas spot and futures markets on July 19, 2001. Shively also agreed to pay $300,000 to settle charges against him.

The Bank of America has agreed to pay $69 million as part of an agreement to settle a class action lawsuit brought on behalf of purchasers of Enron securities and led by the Regents of the University of California. The lawsuit is pending in the United States District Court for the Southern District of Texas.

Ending months of investigations into its nonregulated operations, NUI Energy Brokers Inc. (NUIEB) agreed to pay a $500,000 fine last week to the state of New Jersey. The wholesale trading subsidiary of Bedminster, NJ-based NUI Corp. pleaded guilty to misconduct by a corporate official for siphoning funds away from NUI’s utility subsidiaries as part of a gas purchasing program.

The Bank of America has agreed to pay $69 million as part of an agreement to settle a class action lawsuit brought on behalf of purchasers of Enron securities and led by the Regents of the University of California. The lawsuit is pending in the United States District Court for the Southern District of Texas.