The state of California and the city of Long Beach charged Exxon and six other oil companies with conspiring to depress crude oil prices, claiming damages of about $270 million (before trebling).
Retained by Baker & Hostetler
The state of California and the city of Long Beach charged Exxon and six other oil companies with conspiring to depress crude oil prices, claiming damages of about $270 million (before trebling). Six of the companies settled the case while not admitting to any wrongdoing. Exxon took the case to court.
The jury cleared Exxon of all charges.
Cornerstone Research analyzed the plaintiffs’ liability and damage claims, both of which centered on crude oil exchanges. Dr. Michael Keeley of Cornerstone Research presented expert testimony in court showing that the price of crude oil was not depressed, that crude oil exchanges were consistent with competition, and that plaintiffs’ damage claims were grossly overstated. Following a six-month trial and eight days of deliberations, the jury cleared Exxon of all charges.
