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This excerpt taken from the XEL 10-K filed Feb 23, 2007. Cornerstone Propane Partners, L.P. et al. vs.
e prime, inc. et al. — On Feb. 2,
2004, a purported class action complaint was filed in the U.S. District
Court for the Southern District of New York against e prime and three other
defendants by Cornerstone Propane Partners, L.P., Robert Calle Gracey and
Dominick Viola on behalf of a class who purchased or sold one or more New
York Mercantile Exchange natural gas futures and/or options contracts during
the period from Jan. 1, 2000, to Dec. 31, 2002. The complaint alleges
that defendants manipulated the price of natural gas futures and options and/or
the price of natural gas underlying those contracts in violation of the
Commodities Exchange Act. In February 2004, the plaintiff requested that
this action be consolidated with a similar suit involving Reliant Energy
Services. In February 2004, defendants, including e prime, filed motions
to dismiss. In September 2004, the U.S. District Court denied the motions
to dismiss. On Jan. 25, 2005, plaintiffs filed a motion for
class certification, which defendants opposed. On Sept. 30, 2005, the U.S.
District Court granted plaintiffs’ motion for class certification. On Oct. 17,
2005, defendants filed a petition with the Second Circuit Court of Appeals
challenging the class certification. On Dec. 5, 2005, e prime reached
a tentative settlement with the plaintiffs that received final court approval
in May 2006. The settlement was paid by e prime and it did not have a
material financial impact on Xcel Energy.
This excerpt taken from the XEL 10-Q filed Oct 27, 2006. Cornerstone Propane
Partners, L.P. et al. vs. e prime, inc. et al. — On Feb. 2,
2004, a purported class action complaint was filed in the U.S. District
Court for the Southern District of New York against e prime and three other
defendants by Cornerstone Propane Partners, L.P., Robert Calle Gracey and
Dominick Viola on behalf of a class who purchased or sold one or more New
York Mercantile Exchange natural gas futures and/or options contracts during
the period from Jan. 1, 2000, to Dec. 31, 2002. The complaint alleges
47
that defendants manipulated the price of natural gas futures and options and/or the price of natural gas underlying those contracts in violation of the Commodities Exchange Act. In February 2004, the plaintiff requested that this action be consolidated with a similar suit involving Reliant Energy Services. In February 2004, defendants, including e prime, filed motions to dismiss. In September 2004, the U.S. District Court denied the motions to dismiss. On Jan. 25, 2005, plaintiffs filed a motion for class certification, which defendants opposed. On Sept. 30, 2005, the U.S. District Court granted plaintiffs’ motion for class certification. On Oct. 17, 2005, defendants filed a petition with the Second Circuit Court of Appeals challenging the class certification. On Dec. 5, 2005, e prime reached a tentative settlement with the plaintiffs that received final court approval in May 2006. The settlement was paid by e prime and it did not have a material financial impact on Xcel Energy.
This excerpt taken from the XEL 10-Q filed Aug 3, 2006. Cornerstone Propane Partners, L.P. et al. vs. e prime inc.
et al. — On Feb. 2, 2004, a purported class action
complaint was filed in the U.S. District Court for the Southern District of New
York against e prime and three other defendants by Cornerstone Propane Partners,
L.P., Robert Calle Gracey and Dominick Viola on behalf of a class who purchased
or sold one or more New York Mercantile Exchange natural gas futures and/or
options contracts during the period from Jan. 1, 2000, to Dec. 31,
2002. The complaint alleges that defendants manipulated the price of natural
gas futures and options and/or the price of natural gas underlying those
contracts in violation of the Commodities Exchange Act. In February 2004,
the plaintiff requested that this action be consolidated with a similar suit
involving Reliant Energy Services. In February 2004, defendants, including
e prime, filed motions to dismiss. In September 2004, the U.S. District
Court denied the motions to dismiss. On
Jan. 25, 2005, plaintiffs filed a motion for class certification, which
defendants opposed. On Sept. 30, 2005,
the U.S. District Court granted plaintiffs’ motion for class certification. On
Oct. 17, 2005, defendants filed a petition with the U.S. Court of Appeals
for the Second Circuit challenging the class certification. On Dec. 5, 2005, e prime reached a
tentative settlement with the plaintiffs that received final court approval in
May 2006. The settlement was paid by e prime
and it did not have a material financial impact on Xcel Energy.
This excerpt taken from the XEL 10-Q filed May 1, 2006. Cornerstone Propane Partners, L.P. et al. vs.
e prime inc. et al. — On Feb. 2, 2004, a
purported class action complaint was filed in the U.S. District Court for the
Southern District of New York against e prime and three other defendants by Cornerstone
Propane Partners, L.P., Robert Calle Gracey and Dominick Viola on behalf of a
class who purchased or sold one or more New York Mercantile Exchange natural
gas futures and/or options contracts during the period from Jan. 1, 2000,
to Dec. 31, 2002. The complaint alleges that defendants manipulated the
price of natural gas futures and options and/or the price of natural gas
underlying those contracts in violation of the Commodities Exchange Act. In
February 2004, plaintiffs requested that this action be consolidated with
a similar suit involving Reliant Energy Services. In February 2004,
defendants, including e prime, filed motions to dismiss. In
September 2004, the U.S. District Court denied the motions to dismiss. On
Jan. 25, 2005, plaintiffs filed a motion for class certification, which
defendants opposed. On Sept. 30, 2005, the U.S. District Court granted
plaintiffs’ motion for class certification. On Oct. 17, 2005, defendants
filed a petition with the U.S. Court of Appeals for the Second Circuit challenging
the class certification. On Dec. 5, 2005, e prime reached a tentative
settlement with the plaintiffs. The settlement agreement received preliminary
court approval in early March, 2006. The settlement has been paid by e prime
and it did not have a material financial impact on Xcel Energy.
31
This excerpt taken from the XEL 10-K filed Feb 27, 2006. Cornerstone Propane Partners, L.P. et al. vs.
e prime inc. et al. — On Feb. 2, 2004, a
purported class action complaint was filed in the U.S. District Court for the
Southern District of New York against e prime and three other defendants by
Cornerstone Propane Partners, L.P., Robert Calle Gracey and Dominick Viola on
behalf of a class who purchased or sold one or more New York Mercantile
Exchange natural gas futures and/or options contracts during the period from Jan. 1,
2000, to Dec. 31, 2002. The complaint alleges that defendants manipulated
the price of natural gas futures and options and/or the price of natural gas
underlying those contracts in violation of the Commodities Exchange Act. In February 2004,
the plaintiff requested that this action be consolidated with a similar suit
involving Reliant Energy Services. In February 2004, defendants, including
e prime, filed motions to dismiss. In September 2004, the U.S. District
Court denied the motions to dismiss. On Jan. 25,
2005, plaintiffs filed a motion for class certification, which defendants
opposed. On Sept. 30, 2005, the U.S.
District Court granted plaintiffs’ motion for class certification. On Oct. 17,
2005, defendants filed a petition with the U.S. Court of Appeals for the Second
Circuit challenging the class certification.
On Dec. 5, 2005, e prime reached a tentative settlement with the
plaintiffs that will require court approval.
The settlement will be paid by e prime and is not expected to have a
material financial impact on Xcel Energy.
This excerpt taken from the XEL 10-Q filed Oct 28, 2005. Cornerstone Propane Partners, L.P. et al. vs. e prime inc. et al. — On Feb. 2, 2004, a purported class action complaint was filed in the
U.S. District Court for the Southern District of New York against e prime and
three other defendants by Cornerstone Propane Partners, L.P., Robert Calle
Gracey and Dominick Viola on behalf of a class who purchased or sold one or
more New York Mercantile Exchange natural gas futures and/or options contracts
during the period from Jan. 1, 2000, to Dec. 31, 2002. The complaint
alleges that defendants manipulated the price of natural gas futures and
options and/or the price of natural gas underlying those contracts in
violation of the Commodities Exchange Act. In February 2004, the plaintiff requested that this action be consolidated with a similar suit involving Reliant Energy Services. In February 2004, defendants, including e prime, filed motions to dismiss. In September 2004, the U.S. District Court denied the motions to dismiss. On Jan. 25, 2005 plaintiffs filed a motion for class certification, which defendants opposed. On Sept. 30, 2005 the U.S. District Court granted plaintiffs’ motion for class certification. On Oct. 17, 2005, defendants filed a petition with the U.S. Court of Appeals for the Second Circuit challenging the class certification.
This excerpt taken from the XEL 10-Q filed Jul 29, 2005. Cornerstone Propane
Partners, L.P. et al. vs. e prime inc. et al. — On
Feb. 2, 2004, a purported class action complaint was filed in the U.S.
District Court for the Southern District of New York against e prime and three
other defendants by Cornerstone Propane Partners, L.P., Robert Calle Gracey and
Dominick Viola on behalf of a class who purchased or sold one or more New York
Mercantile Exchange natural gas futures and/or options contracts during the
period from Jan. 1, 2000, to Dec. 31, 2002. The complaint alleges
that defendants manipulated the price of natural gas futures and options and/or
the price of natural gas underlying those contracts in violation of the
Commodities Exchange Act. In February 2004, the plaintiff requested that
this action be consolidated with a similar suit involving Reliant Energy
Services. In February 2004,
19
defendants, including e prime, filed motions to dismiss. In September 2004, the U.S. District Court denied the motions to dismiss. On Jan. 25, 2005, plaintiffs filed a motion for class certification, which defendants opposed. The court has not reached a decision concerning this motion.
This excerpt taken from the XEL 10-K filed Mar 4, 2005. Cornerstone Propane
Partners, L.P. et al. vs. e prime inc. et al. — On
Feb. 2, 2004, a purported class action complaint was filed in the U.S. District
Court for the Southern District of New York against e prime and three other
defendants by Cornerstone Propane Partners, L.P., Robert Calle Gracey and
Dominick Viola on behalf of a class who purchased or sold one or more New York
Mercantile Exchange natural gas futures and/or options contracts during the
period from Jan. 1, 2000, to Dec. 31, 2002. The complaint alleges that
defendants manipulated the price of natural gas futures and options and/or the
price of natural gas underlying those contracts in violation of the Commodities
Exchange Act. In February 2004, the plaintiff requested that this action be
consolidated with a similar suit involving Reliant Energy Services. In February
2004, defendants, including e prime, filed motions to dismiss. In September
2004, the U.S. District Court denied the motions to dismiss. The case is in the early stages, there has
been little discovery and Xcel Energy intends to vigorously defend against
these claims.
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