Monday, May 17, 2010

Goldman Sachs (NYSE:GS), BP (NYSE:BP) Sued by Independent Oil, Gas Producers

Goldman Sachs (NYSE:GS) and BP (NYSE:BP) subsidiaries were sued by Independent Oil & Gas Producers, saying they has conspired to defraud them.

Subsidiaries J. Aron & Co., of Goldman Sachs, and British Petroleum subsidiary BP Oil Supply Company, allegedly conspired with SemGroup to defraud independent oil and gas companies in Texas, Oklahoma and Kansas, which number over 80, of millions worth of gas and oil which Semgroup had delivered to them before they declared bankruptcy in 2008.

Other oil and gas companies are named as defendants in the lawsuit as well, including ConocoPhilips (NYSE:COP), among many others.

McKool Smith commercial litigator Kyle Lonergan, said this, "We believe the evidence will show that J. Aron deliberately took advantage of SemGroup's dire financial predicament when J. Aron took possession of our clients' oil and gas."

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