Politics & Government
Stamford Energy Firm Pays $4M to US Government to Settle Pricing Dispute
Stamford-based Louis Dreyfus Energy Services bought natural gas via a federal leases from the U.S. Department of the Interior to sell in a "lower-priced market," then sold it in a "higher priced market," according to a report in the Hartford Courant.
-based natural gas distributor Louis Dreyfus Highbridge Energy has reportedly agreed to pay $4 million to settle claims it misled the federal government about the re-sale of natural gas it bought from the U.S. Department of the Interior.
According to a report in the Hartford Courant the Stamford firm bought natural gas via a federal leases from the U.S. Department of the Interior to sell in a "lower-priced market," then sold it in a "higher priced market," therefore making more profits than it was entitled under the lease agreement and violating the False Claims Act. The alleged violations took place from 2004 to 2008.
For more, check out the Hartford Courant report.
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