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Morgan Stanley Settles With State

July 13th, 2009 by flanews

The state has reached a settlement with Morgan Stanley for overcharging people trying to fill up their gas tanks during Hurricane Ike last fall.

TransMontaigne, a subsidiary company of Morgan Stanley, transports gas to some Florida stations. TransMontaigne ordered its stations to raise prices $1.60 a gallon as Hurricane Ike moved through the Gulf. Attorney General Bill McCollum said nailing Morgan Stanley for price gouging will send a message to other suppliers.

“This is a statement that big business needs to be held accountable and I appreciate the fact that Morgan Stanley has stepped up to the plate and set a very high standard,” said McCollum.

Morgan Stanley will pay the state 2.2 million dollars. The money will go to the Attorney Generals Office and the Department of Agriculture and Consumer Services to fund future investigations. The state is still investigating 12 other cases of gas price gouging stemming from Hurricane Ike.

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