Reaching the end of a three-year investigation, today the Department of Justice Antitrust Division asked a New York federal court to approve the DOJ's settlement of claims that KeySpan violated the antitrust laws by manipulating the NYC wholesale electricity market. The DOJ claimed KeySpan violated the antitrust laws by using a financial instrument to take an interest in the revenues of its largest competitor. The settlement requires that KeySpan disgorge its profits from the alleged market manipulation. This case may set a precedent for the DOJ seeking “disgorgement” to remedy violations and for the DOJ pursuing market manipulation as an antitrust violation. As discussed more fully in our prior alert, KeySpan was one of three electricity generators supplying New York City. According
The US DoJ obtains a disgorgement remedy in a civil antitrust settlement with an electricity supplier in a market manipulation case (KeySpan)
Access to this article is restricted to subscribers
Already Subscribed? Sign-in
Access to this article is restricted to subscribers.
Read one article for free
Sign-up to read this article for free and discover our services.