State reaches $2.3m price-gouging settlement with Morgan Stanley
by Michael C. Bender | July 13th, 2009Florida will receive $2.275 million from a Morgan Stanley subsidiary after reaching a price-gouging settlement with the gas supplier, Attorney General Bill McCollum and Agriculture Commissioner Charles Bronson said today.
The state opened its investigation after thousands of complaints about gas prices during Hurricane Ike in 2008. The state says that TransMontaigne ordered its retailers to increase gas an additional $1.60 per gallon during the storm.
The settlement marks the first time the state has gone after a supplier. It’s also the largest price gouging settlement in Florida history, McCollum said.
Tags: gas prices, Morgan Stanley, price gouging, TransMontaigne
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July 14th, 2009 at 10:59 am
Oh hey,this is nothing like a tax,people pay to much for something then the state gets repaid that amount.
Nice job McCollum and Bronson!