Settlement over a False Claims Act Allegations against BP Energy Company announced.
San Diego, CA -- (SBWIRE) -- 05/22/2018 -- The Whistleblower Institute announces that BP Energy Company reached a $102 million settlement in a whistleblower lawsuit filed by a former employee for overcharging California.
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A settlement has been reached to resolve False Claims Act allegations against BP Energy Company.
The allegations arose from a lawsuit that claimed BP Energy Company overcharged the state of California for natural gas between 2003 and 2012.
Allegedly, BP Energy regularly violated contracts to provide gas for numerous state agencies and other governments by exceeding the agreed-upon price cap, and then concealed the overcharges by providing false and misleading information, state Attorney General Xavier Becerra said.
Reportedly, BP Energy was overcharging local jurisdictions, public agencies and universities for natural gas over the course of a decade by selling the state "exotic financial derivative products."
According to the lawsuit, BP Energy overcharged the state at least $150 million to $300 million, and the state sought triple damages. California no longer has natural gas contracts with BP.
"BP thought it could get away with providing false and misleading information in order to line its own pockets," Becerra said. "Today, we send a clear message: cheating the People of California will cost you more than it's worth."
These allegations were brought forward by a former BP employee, Chris Schroen, accusing the oil company of quoting and charging prices above a contractual cap.
Based in Houston, Texas, BP Energy Company, Inc trades and markets electric energy and other energy related products in the United States.
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