Drivers in California are finding unexpected financial deposits in their bank accounts; here's what you should know.
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Got Some Cash Curb-Stomping Your way?California residents who participated in a multi-million dollar lawsuit for exorbitant gas prices are starting to see relief in their bank accounts.
Since April's end, over a million Californians started receiving payments of $21.65, according to the attorney general's office. These payments arrive via check, direct deposit, or Venmo, depending on the claimant's chosen preference.
The money stems from a settlement between California and three gasoline trading firms—Vitol, SK Energy Americas, and South Korea's SK Trading International—who were accused of manipulating gas prices nine years ago. These firms reportedly worked together to hike prices, violating California's antitrust laws.
Remember the massive explosion at an Exxon Mobile refinery in Torrance back in 2015? Well, these shady companies are accused of capitalizing on the disruption to inflate gas prices, leaving consumers footing the bill.
The settlement, finalized in July 2024, requires the companies to pay $50 million into two settlement funds. Of this amount, $37.5 million will be given to consumers as compensation for breaking the Cartwright Act[1][2]. The settlement doesn't include an admission of fault from the trading companies.
So, if you live in California and pumped gas between 2015 and 2024, you may be eligible for some of this dough. Keep your eyes peeled for your mailbox or bank statement!
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[1] Source: https://ag.ca.gov/news/press-releases/2024/07/attorney-general-bonta-announces-50-million-settlement-with-gas-trading-firms-over-price-gouging-allegations[2] Source: https://www.latimes.com/business/story/2024-07-16/vitol-sk-energy-settle-with-california-over-gasoline-price-fixing-claims
- If you're a Californian and have received your mail or checked your bank account lately, you might have noticed an unexpected $21.65 - that's part of the money coming from a lawsuits against three gasoline trading firms.
- The government in Los Angeles has been doling out these payments to over a million Californians who were affected by exorbitant gas prices.
- The oil-and-gas industry controversies don't end there, as these firms were accused of manipulating gas prices, violating antitrust laws, and taking advantage of a disruption like the 2015 Exxon Mobile refinery explosion in Torrance.
- The settlement agreed upon in 2024 required these firms to pay $50 million into two settlement funds, with Californians receiving $37.5 million as compensation.
- The finance sector and energy policy-and-legislation are closely watching this case, as it could potentially set a precedent for future lawsuits and consumers' rights in the oil-and-gas industry.
- General news outlets suggest that millions more may be eligible for these payments, so make sure you check your payments, whether through check, direct deposit, or Venmo.
- As energy prices continue to rise, this payout to Californians serves as an important reminder of the impact of politics on our daily lives - in this case, affecting our wallets at the gas pump.
- As for the rest of the nation, keep an eye on California: the settlement could give insights into how tight the regulations will be for the oil-and-gas industry in terms of price manipulation and consumer protection.
