Global Energy Trader Sues Ex-President for Alleged Kickbacks and Fraud
"Clark—who was in a supervisory position as PSE's Head of Northeast Trading and later as PSE's President—steered natural gas block trading business to (the third party) and others," the complaint alleges.
October 09, 2023 at 07:03 PM
4 minute read
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The United States affiliate of Japanese global energy markets trader Sumitomo Corp. filed suit against its former president, alleging he conducted multimillion-dollar kickback and fraudulent trading schemes.
In a suit filed by the law firm Michael Best & Friedrich on behalf of Pacific Summit Energy LLC, the plaintiff brought six counts in the U.S. District Court for the Southern District of Texas against Matthew Clark.
Claims include alleged breach of fiduciary duty, fraud by nondisclosure, fraud in the inducement, violation of the Texas Theft Liability Act, civil conspiracy and money had and received.
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