CA Gasoline Price Manipulation Settlement: $50M

California residents who purchased gasoline at retail locations in Los Angeles, San Diego, Orange, Riverside, San Bernardino, Kern, Ventura, Santa Barbara, San Luis Obispo, or Imperial counties between February 20, 2015, and November 10, 2015.

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A $50 million settlement has been reached between the Attorney General of California and three defendants: Vitol Inc., SK Energy Americas, Inc., and SK Trading International Co. Ltd. This settlement resolves claims that these companies manipulated gasoline price indices, resulting in inflated retail gas prices in violation of California’s antitrust laws, specifically the Cartwright Act and the Unfair Competition Law.

The lawsuit, brought by the Attorney General of California, alleged that Vitol, SK Energy Americas, and SK Trading International conspired to manipulate gasoline prices, leading to increased costs for consumers at retail locations in Southern California. The defendants were accused of violating California’s Cartwright Act and Unfair Competition Law through their actions.

Vitol is an energy and commodities company, while SK Energy Americas and SK Trading International are related companies providing energy and trading services. Although the defendants have not admitted to any wrongdoing, they have agreed to the $50 million settlement to resolve the claims.

Under the terms of the settlement, $37.5 million will be distributed to consumers as compensation for the Cartwright Act violations, after deductions for taxes, administration costs, and attorneys' fees. $12.5 million will be used as a penalty under the Unfair Competition Law, allocated to state and local governments to enforce consumer protection laws.

Eligible consumers can receive compensation from the $37.5 million portion of the settlement allocated for consumer benefits. The exact amount will depend on the number of claims filed and deductions for fees and costs.