8-KOther Events

ONEOK INC /NEW/ 8-K Report (Sep 27, 2001)

Filed September 27, 2001For Securities:OKE

Summary

This 8-K filing from ONEOK, Inc. (OKE) on September 27, 2001, reports on a significant legal development concerning a dispute with Southern Union Company. A Federal District Court granted ONEOK's motion for summary judgment on a portion of the claim related to tortious interference with a prospective business relationship with Southwest Gas Corporation. Specifically, the court granted summary judgment regarding lost profit damages sought by Southern Union. While this ruling is a positive step for ONEOK, investors should note that the court denied the motion concerning out-of-pocket and punitive damages. This means the legal dispute is not entirely resolved, and further proceedings may occur regarding these remaining damage claims. The filing also includes a press release dated September 25, 2001, detailing this announcement, and is signed by Jim Kneale, Senior Vice President, Treasurer, and Chief Financial Officer.

Key Highlights

  • 1ONEOK, Inc. (OKE) filed an 8-K report on September 27, 2001.
  • 2A Federal District Court granted ONEOK's motion for summary judgment on a key aspect of the Southern Union Company lawsuit.
  • 3The court ruled in favor of ONEOK concerning claims for lost profit damages related to tortious interference with a prospective relationship with Southwest Gas Corporation.
  • 4The court denied ONEOK's motion for summary judgment regarding out-of-pocket and punitive damages sought by Southern Union.
  • 5This indicates a partial legal victory for ONEOK, but some claims remain in dispute.
  • 6The filing includes a press release from September 25, 2001, announcing the court's decision.
  • 7Jim Kneale, Senior Vice President, Treasurer, and CFO, signed the report.

Frequently Asked Questions

The main event is the announcement of a partial victory for ONEOK in its legal dispute with Southern Union Company. A Federal District Court granted ONEOK's motion for summary judgment on claims related to lost profit damages in a tortious interference case.

No, the ruling does not fully resolve the dispute. While the court granted summary judgment on lost profit damages, it denied the motion regarding out-of-pocket and punitive damages. These remaining claims may still proceed to further legal action.

A tortious interference claim generally alleges that one party intentionally interfered with a contract or prospective business relationship of another party, causing harm. In this case, Southern Union alleged ONEOK interfered with its potential business relationship with Southwest Gas Corporation.

The filing explicitly mentions Exhibit 99.a, which is a Press Release issued by ONEOK, Inc. dated September 25, 2001. This press release likely provides further details on the court's decision and ONEOK's perspective.