El Paso Wins Reversal of $122-Million Verdict
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El Paso Corp., the biggest U.S. natural-gas pipeline company, won a reversal of a $122.5- million jury verdict awarded in 2000 to three workers who were burned in a 1999 explosion at a Coastal Refining & Marketing Inc. plant.
Accident victims Daniel Torres, William Bourland and David Natividad claimed Coastal Refining’s parent, Coastal Corp., acquired by El Paso in 2001, was liable because the parent had budgetary authority over safety and maintenance at the subsidiary. Coastal appealed.
Shares of Houston-based El Paso rose 1 cent to $7.13 on the New York Stock Exchange.
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