Energy News / Whistleblower Institute

$102 Million Settlement over a False Claims Act Allegations Against BP Energy Company Announced by Whistleblower Institute

Via: ReleaseWire

Updated 10:15 AM CDT, Tue, May 22,2018

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.

Those who have a similar case or experienced a similar situation or any other wrongdoing within a corporation have certain options and should contact the Whistleblower Institute at mail@whistleblowerinstitute.com or call: 619-452–1218. There are no costs or obligations to you.

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.

The Whistleblower Institute is an information portal for current or former employees and other people having insight information about wrongdoing and other illegal activities by individuals either individually or within corporations, through company culture and or within international affairs. Whistleblowers should keep in mind that under the Dodd-Frank Act any person who provides the Securities and Exchange Commission ("SEC") with original information that leads to a successful enforcement action with over $1 million recovered must be awarded between 10%-30% of the total amount recovered. In order to determine the total amount of the reward there are numerous factors that need to be considered. Whistleblower actions are complex and our goal is to guide any whistleblower every step of the way. The Whistleblower Institute is dedicated to partnering with any individual who have information about fraud and we work with many of the best law firms worldwide.

Those who have a similar case or experienced a similar situation or any other wrongdoing within a corporation have certain options and should contact the Whistleblower Institute.

Contact:
Whistleblower Institute
2534 State Street - Suite 406
San Diego, CA 92101, USA
Phone: +1 (619) 452–1218
Facsimile: +1 (619) 785 – 3185
Email: mail@whistleblowerinstitute.com

The material was prepared by the Whistleblower Institute for informational purposes only and is not legal or financial advice. The information is provided only as general information which may or may not reflect the most currently available public information, is not provided as a basis for any established or existing relationship, and is not intended to constitute legal or financial advice, or to substitute for obtaining such advice from an attorney or other advisor licensed in your state.

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