Southwest Gas and ONEOK Settle Lawsuits
PHOENIX, Aug. 9 /PRNewswire-FirstCall/ -- Southwest Gas Corporation (NYSE: SWX) and ONEOK, Inc. (NYSE: OKE) announced today that they have settled all claims against each other related to the merger litigation pending between them in U.S. District Court in Phoenix, Arizona.
ONEOK will pay Southwest $3 million in the settlement. ONEOK and Southwest will release each other from all legal claims between them. ONEOK and Southwest will further release each other from any right of contribution and indemnity which may result from Southern Union Company's (NYSE: SUG) legal action against either party.
This settlement, coupled with Southwest's recent settlement with Southern Union, ends Southwest's involvement in this complex litigation. Trial of Southern Union's remaining claims against ONEOK and other parties is scheduled to commence in Phoenix, Arizona, on October 15, 2002.
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SOURCE Southwest Gas Corporation; ONEOK, Inc.
CONTACT: Michael J. O'Connor, +1-602-262-5889, or Thomas R. Sheets, +1-702-876-7337, both of Southwest Gas Corporation