LAWSUITS NEWS & LEGAL INFORMATION
Acquisition Antitrust
This is a settlement for the Antitrust lawsuit.
Washington, DC: (Nov-26-07) Federal agencies brought charges against offshore oil services provider Cal Dive International and its parent, Helix Energy Solutions Group, alleging that the companies failed to comply with antitrust terms of an acquisition. The charges, brought by the Justice Department, stated that Cal Dive International Inc. violated a 2005 regulatory agreement that required it to sell certain diving equipment when it purchased assets from Stolt Offshore Inc. and S&H Diving LLC. It further alleged that Cal Dive then profited from using the equipment following hurricanes Katrina and Rita. Sources claimed that the government filed a petition in the US District Court for the District of Columbia asking it to find Cal Dive and Helix Energy in civil contempt for the alleged violations.
As part of a settlement reached, Cal Dive International and Helix Energy Solutions Group agreed to pay $2 million to settle federal charges. Sources confirmed that the $2 million payment represents disgorgement of profits gained through Cal Dive's alleged violations and reimbursement for the cost of the government investigation. [FORBES: ACQUISITION ANTITRUST]
Published on Nov-27-07
As part of a settlement reached, Cal Dive International and Helix Energy Solutions Group agreed to pay $2 million to settle federal charges. Sources confirmed that the $2 million payment represents disgorgement of profits gained through Cal Dive's alleged violations and reimbursement for the cost of the government investigation. [
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