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Ex-employee blamed for $160 million loss at pipeline company
Law firms that specialize in class-action Litigation against public companies lost no time in filing claims against Plains All American Pipeline in Houston this week after the company disclosed millions in losses by a "rogue trader."
On Monday, the local energy firm announced that a now-former employee on the crude oil trading desk had caused the company a $160 million loss through the use of unauthorized trading practices.
In the first nine months of 1999, the company made $35.5 million on $2.6 billion in sales.
Company officials planned to hold a telephone conference with …