California, Big Oil Reach $50 Million Price Fixing Case Pact (2)

California Attorney General Rob Bonta on Wednesday announced a $50 million settlement with gas trading firms Vitol Inc. and SK Energy Americas Inc., resolving a lawsuit claiming the companies colluded to raise gas prices in the state.

The accord ends the case brought in May 2020, which alleged Vitol and SK took advantage of a 2015 gas refinery explosion near Los Angeles to drive up prices for their own profit.

Of the settlement total, $37.5 million will be distributed to California consumers and the firms will pay a $12.5 million civil penalty, according to the preliminary agreement.

The $50 ...