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BP (NYSE:BP) agreed to pay a $10.75M civil penalty – less than it already has paid in the case – to cover allegations its traders manipulated natural gas markets in 2008, Reuters reported Monday, citing a filing by the U.S. Federal Energy Regulatory Commission.
BP (BP) allegedly violated the Natural Gas Act by manipulating the next-day gas market at Houston Ship Channel during September, October and November 2008.
The company paid a ~$24.35M civil penalty in December 2020 and a ~$250K disgorgement of unjust profits in January 2021 in the case, but it paid the penalties under protest and appealed the case to the Fifth U.S. Circuit Court of Appeals, which remanded the matter back to FERC to reassess the civil penalty.
FERC said the settlement resolves the case and that it would not object if BP (BP) seeks to reclaim excess payments through a lawsuit in the U.S. Court of Federal Claims.
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