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Oil company off the hook

Reykjavík District Court ruled yesterday that Icelandic oil company Ker, earlier known as Esso, does not have to pay compensation to a carpenter from Húsavík for illegal pricing.

Sigurdur Hreinsson had taken the oil company to court, demanding ISK 180,000 (EUR 1,956, USD 2,606) in compensation for suffering financial damanges from 1995 to 2001, a period for which Esso was convicted of illegal oil pricing. This story is reported in all the main media.

Steinar Gudgeirsson, Hreinsson’s lawyer, said the ruling was a disappointment and that he and his client would possibly appeal to the Supreme Court.

Reykjavík District Court concluded that there was not enough evidence to support Hreinsson’s claim.

Icelandic oil companies Esso, Shell and Olís have pleaded guilty to violating competition laws from 1993 to 2001 by agreeing on a joint pricing of oil products.

To read more about the case, click here.

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