Thursday, August 12, 2010

Shell (NYSE:RDS-A), BP (NYSE:BP), Exxon (NYSE:XOM), Citgo, Marathon (NYSE:MRO) Have Class Action Against Them Denied

Shell (NYSE:RDS-A), BP North America (NYSE:BP), Exxon Mobil (NYSE:XOM), Citgo, Marathon Oil (NYSE:MRO) all had a class action against denied over gasoline prices.

The class action against the oil companies was already denied, but it was appealed and sent to the Seventh Circuit appeals judges, who upheld the ruling.

Claims of the suit were the companies had worked together since 2000 to increase prices and deceive consumers.

Circuit Judge William Bauer wrote the complaint "... does not contend that the defendants' conduct was deceptive, does not dispute that the price he paid was clearly advertised at the gasoline station, and does not argue that he had to purchase the defendants' branded gasoline."

"But absent proof that but for the defendants' conduct, he would not have purchased the defendants' gasoline, he is not entitled to relief," Bauer added.

The person filing the suit even admitted he had went to other gas outlets to buy gas that weren't among the defendants in the case, undermining the idea he had no opportunity to buy gas for less price elsewhere.

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