Summary
ONEOK Inc. (OKE) disclosed in this 8-K filing dated February 4, 2004, that the Company and its subsidiary, ONEOK Energy Marketing and Trading Company, L.P., have been named as defendants in a class-action lawsuit. The lawsuit, filed in the U.S. District Court for the Southern District of New York, pertains to alleged violations of the Commodities Exchange Act related to trading of natural gas futures and options on the New York Mercantile Exchange between 2000 and 2002. While the company has not yet been served and the full impact is too early to assess, ONEOK stated that it does not expect the matter to have a material adverse effect on the Company, based on currently available information. The Company intends to defend itself vigorously against the allegations and is seeking to have the case dismissed.
Key Highlights
- 1ONEOK Inc. and its subsidiary named as defendants in a class-action lawsuit.
- 2The lawsuit concerns alleged violations of the Commodities Exchange Act.
- 3Allegations relate to natural gas futures and options trading on the NYMEX during 2000-2002.
- 4The company has not yet been formally served with the complaint.
- 5ONEOK does not anticipate a material adverse effect on the Company, based on current information.
- 6The Company intends to vigorously defend itself against the claims.