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March 09, 2004
Reliant subsidiary and employees target of probable indictment
Houston-based Reliant Resources announced late Monday that federal prosecutors in San Francisco have informed the company that its trading unit subsidiary -- Reliant Energy Services -- and four former and current employees are targets of an impending grand jury indictment stemming allegations that Reliant Energy Services engaged in price manipulation on two days in June 2000 by curtailing power plant generation in California. In January 2003, Reliant Resources reached a settlement with the Federal Energy Regulatory Commission regarding the same matter that is the subject of the expected indictment in which Reliant Resources agreed to pay $13.8 million without admitting or denying that the actions in question affected electricity prices in any market or violated any law or regulation.
Posted by Tom at March 9, 2004 04:43 AM
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