Publisher Targeted in Suit by State
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California Lt. Gov. Cruz Bustamante has filed a class-action lawsuit alleging that publisher McGraw-Hill Cos. and several energy companies worked together to jack up energy prices in the state.
The suit, filed late Wednesday in Los Angeles Superior Court on behalf of utility customers, accused the companies of feeding false prices and trade volumes to two energy industry newsletters, Gas Daily and Inside FERC Gas Market Reports, published by a unit of McGraw-Hill.
The class-action lawsuit seeks unspecified damages. California is demanding about $9 billion from energy companies to cover what the state claims it was overcharged for electricity at the height its energy crisis. McGraw-Hill said the claims were baseless.
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