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Enmex Corp. Sues Tesoro for Two Billion Dollars

Posted on: Tuesday, 3 March 2009, 07:45 CST

LOS ANGELES, March 3 /PRNewswire/ -- Enmex Corp., a world class energy company based in Los Angeles, California, filed a counter suit against Tesoro Corp. (NYSE: TSO) for damages currently believed to be in excess of two billion dollars. The suit was filed in Los Angeles Superior Court on February 27, 2009 (Case BC405371) alleging breach of contract, tortious interference with contractual relations, misrepresentation, defamation and other claims.

Not only did Tesoro breach the Security Agreement between the parties, it also breached four fuel transportation agreements.

In the cross-complaint Enmex Corp. also alleges that Tesoro Corp. and other currently unnamed cross-defendants intentionally interfered with the company's existing and prospective business relationships, made misrepresentations, and engaged in other unlawful conduct, all as part of a scheme to damage Enmex's business.

Before Tesoro Corp. breached the Security Agreement, Enmex Corp. had been consistently paying Tesoro millions of dollars per month for petroleum products purchased. In addition, all of the obligations under the Fuel Transportation Contracts were fulfilled.

Enmex Corp. believes that Tesoro will be held accountable for all damages caused by its wrongful conduct.

SOURCE Enmex Corp.

Source: PR Newswire

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