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Article: El Paso Corporation's Master Settlement Agreement Takes Effect.
- Article from:
- PR Newswire
- Article date:
- June 14, 2004
CopyrightCOPYRIGHT 2004 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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El Paso Corporation and certain subsidiaries announced that the Master Settlement Agreement related to the western energy crisis became effective June 11, 2004. The Master Settlement Agreement resolves the principal litigation and claims against El Paso and certain subsidiaries relating to the sale or delivery of natural gas and electricity in the Western United States. The agreement was detailed in a June 26, 2003 press release, which can be viewed on El Paso's Web site at http://www.elpaso.com/press/newsquery.asp?sId=4172 .
On June 11, 2004, El Paso released approximately $570 million of cash from an escrow account to the settlement parties. The $570 million ...