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Natural gas consumers reached a $2.5 million settlement agreement that, if approved by a federal court, will end a class action lawsuit accusing Xcel Energy of manipulating gas prices.
Approximately 1,100 Colorado businesses and other Xcel Energy customers will be able to benefit from this multi-million dollar settlement, according to the plaintiffs’ motion urging approval of the agreement. After attorney fees and other expenses are covered, each Class Member will be able to claim part of the remaining settlement, estimated at $1.25 million.
“Plaintiffs believe that class-wide damages could exceed $100 million after a class action jury trial on the merits,” states the motion. “But because of the relative uncertainty of that outcome, the history of the cases, and the desire for finality of result, the class representatives and class counsel agree that the proposed $2.5 million settlement represents a fair and appropriate settlement in this matter.”
Xcel Energy Price-Fixing Allegations
The energy company’s alleged scheme with E Prime to manipulate natural gas prices sparked the class action lawsuit. The companies were accused of using false prices in trade publications. In addition, in order to create a sense of activity in the market, Xcel Energy and E Prime allegedly engaged in a manipulation called wash trades.
Consumers impacted by the conspiracy included Colorado businesses like Breckenridge Brewery, a plaintiff in the lawsuit. Class Members have long-awaited resolution, with the litigation beginning over a decade ago, according to settlement documents.
“[T]his particular litigation has an extraordinarily lengthy history,” states the motion. “This action was filed in 2006. Defendants have fought this and the other actions at every step.”
Indeed, according to the plaintiffs’ motion for approval of the deal, related cases in Wisconsin, Missouri, and Kansas have been resolved under partial and full settlement agreements.
If approved, Class Members in this Xcel Energy class action lawsuit will include the following:
“All industrial and commercial direct purchasers of natural gas from the E Prime Defendants, for their own use or consumption during the period from January 1, 2000 through October 31, 2002, and which gas was used or consumed by them in Colorado.”
“We are pleased to bring this case to a close, and we look forward to getting settlement funds into the hands of qualifying Colorado businesses,” a lawyer representing the plaintiffs told Law360.
Are you an Xcel Energy customer? Tell us about your experience in the comment section below.
The proposed Class Members are represented by Andrew James Ennis and Stacy A. Carpenter of Polsinelli PC.
The Xcel Energy Price Fixing Class Action Lawsuit is Breckenridge Brewery of Colorado LLC et al. v. Oneok Inc. et al., Case No. 1:06-cv-01110, in the U.S. District Court for the District of Colorado.
Read About More Class Action Lawsuits & Class Action Settlements:
8 thoughts onXcel Energy Reaches $2.5M Class Action Settlement Over Price-Fixing
Excel energy has been over charging me one one month I was in the hospital and no one was at my condo and my power Bill was 101 dollars now they have turned my power off in my home they have to be robbing everyone monthly I live in Minnesota
We have a bussiness and have been xcel customers for 21+Years please keep me notified.
I owned Excel stock. Is it too late for the class action settlement?
ESTIMATED READING?????? BECAUSE OF MEETER READER SHORTAGE, WE HAVE BEEN BENT OVER IN AMARILLO IN EXCESS UP TO $600 A MONTH COMPARABLE WITH LAST YRS AVERAGE OF $198
There needs to be an investigation and possible class action on Xcel Energy in New Mexico about their electric smart meters giving inaccurate readings. we recently had a smart meter installed on 12-10-2020 (in the middle of a billing cycle) because supposedly the meter quit reading even though my bill shows it was reading fine.
The first bill after the meter was swapped shows the old meter reading 525kwh in 16 days and new meter reading 4001 kwh in 19 days. After we received the first bill we called Xcel Energy to get the issue resolved. When we called we were told that the meter is working fine and there was nothing they could do. They refused to have someone come to check out the issue
So we took steps to try to lower our bill including turning off our central air system for entirety of next billing cycle of (12-29-2020) – (01-29-2021) and our bill didn’t go down, it went up. during the last week of the last billing cycle before we got the bill, I decided to take hourly reading with nothing plugged in except the things i use on a daily bases like ps4 pro, HDTV, lights, internet router, fridge, ect. based on the readings i got some hours where it would go up by 2kwh per hour and other times i would see it go up by 60kwh per hour even though nothing new is being added to the load of electricity. the biggest evidence i have is during the time its reading 60kwh per hour. in order to use 60kwh per hour you would need 500 amps at 120 volts or 250 amps at 240 volts. My homes main breaker only allows 200 amps to pass through it. So based on the math the meter is not working properly.
i also found out (12-30-2021) that New Mexico has a law that says if we call any utility company about a problem with their service we have. they are not only required to come out and check the issues they are required by law to solve and fix the issues we are having
So based on New Mexico Law when they refused to send someone to check the issue out (like i mentioned earlier). They violated state law and my Rights.
I recommend everyone who is having this problem with Xcel Energy to speak up.
Add me
How can you sign up to see if your are eligible. I have been an xcel customer for years now
Am I eligible for Xcel settlement