Best Best & Krieger LLP Announces Settlement of Lawsuits Against The Williams Companies and Williams Energy Marketing and Trading Company.Business Editors/Legal Writers SAN DIEGO--(BUSINESS WIRE)--Nov. 11, 2002 Nine San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. Water Districts to Receive $4.8 Million from the Williams Companies The Williams Companies, Inc. (NYSE: WMB) is an energy company based in Tulsa, Oklahoma. Its core business is natural gas exploration, production, processing, and transportation, with additional petroleum and electricity generation assets. ; Settlement Stems From 2001 Lawsuit Claiming Unjust and Unreasonable Electricity Prices The Williams Companies and Williams Energy Marketing and Trading Company have reached a settlement that, in part, will pay $4.8 million to nine San Diego water districts. The settlement is the result of multiple lawsuits filed against the energy company by the water districts, the State and many other entities throughout California. Under the terms of the settlement, Williams will make cash payments to the state for the benefit of many entities including the nine local water districts. The settlement also amends its contracts with the State of California, which will result in substantial savings to the state estimated to be in excess of $1 billion. In 2001, Sweetwater Authority, Valley Center Municipal Water District and Padre Dam Municipal Water District filed a lawsuit against 13 energy producers, including Williams Energy, seeking injunctive relief injunctive relief n. a court-ordered act or prohibition against an act or condition which has been requested, and sometimes granted, in a petition to the court for an injunction. and damages for unjust and unreasonable electricity prices. The suit was later amended to include Ramona Municipal Water District, Helix Water District, Vista Irrigation irrigation, in agriculture, artificial watering of the land. Although used chiefly in regions with annual rainfall of less than 20 in. (51 cm), it is also used in wetter areas to grow certain crops, e.g., rice. District, Yuima Municipal Water District, Fallbrook Public Utility District and Borrego Water District. The lawsuit claimed that the power producers had engaged in unlawful, unfair and anti-competitive acts and practices including withholding power for the purpose of creating an artificial shortage of electricity, which resulted in unjust and unreasonable prices for power. Under the terms of the settlement, the $4.8 million that the San Diego area districts will receive will be used to enhance the public power supply through construction of energy efficient projects and reduction of pollution associated with the consumption of energy. The districts will receive the funds in three annual payments that will be deposited to an account administered by their attorneys, Best Best & Krieger LLP LLP - Lower Layer Protocol . The first payment of $2.1 million is expected to be made later this month. "We're delighted with the settlement," stated C. Michael Cowett, a partner with Best Best & Krieger LLP, who represents the districts and participated in the settlement's development. "We are hopeful that this settlement will lead to additional settlements with the 12 other defendants." Williams is the first power producer to reach such a settlement. The California State Attorney General negotiated the settlement together with the attorneys for the plaintiffs involved in the multiple lawsuits. In addition, the settlement provides for Williams to provide two peaker plants to the San Diego region. Peaker plants are so named because they are designed to provide power during peak periods of electricity use. It is anticipated that these plants will be contributed to a local public agency in San Diego County who will install and maintain them. Locally, it is estimated that the total damages to the nine water districts resulting from the 13 water producers' actions was $10 million. The districts believe they are entitled to treble damages A recovery of three times the amount of actual financial losses suffered which is provided by statute for certain kinds of cases. The statute authorizing treble damages directs the judge to multiply by three the amount of monetary damages awarded by the jury in those cases and attorneys fees bringing their total claim to over $30 million. About Best Best & Krieger Best Best & Krieger LLP is one of California's 50 largest law firms This list of the world's largest law firms by revenue is taken from The Lawyer and The American Lawyer and is ordered by 2006 revenue:[1]
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