According to Ambit class action lawsuit documents, the energy company owned by billionaire Warren Buffett had distributed a secret disclosure statement to all its Pennsylvania energy customers on its Select Variable Rate Plan that restricted Ambit s access to changing its electricity prices in any given period. The explanation was that “changing” the rate could result to “rate changes that are unexpected.” Subsequently, the company’s customers, who are residents of both Ohio and Pennsylvania, were left with no other option but to continue with the selected rate, even though it was not beneficial for them. Ambit failed to take the opportunity to maximize its profits by adjusting prices at an affordable rate, instead, they lost money from both sides. This class action lawsuit was filed in the U.S. District Court for the Eastern District of Pennsylvania. It is currently pending.
What is interesting about Ambit’s lawsuit is that they have not asked for an amount that is more than $75 million. Although this amount is very little by itself, but it will help them build their case for the massive damages that they are asking for. They are also accusing the government for failing to prevent such unfavorable circumstances from happening to them and for discriminating against them. They maintained that these unfavorable circumstances were caused by the Select Rate Plan’s failure to disclose its low rate structure which only benefited one company.
To add insult to injury, they further alleged that the government officials did not have the knowledge necessary to prevent such discrimination. This is despite the fact that the government has been providing information and education materials to all its residents. They did nothing to stop the gouging price when it comes to gas and electricity. There is no reason why the gas and electricity companies cannot charge whatever they want. If there is a law that protects the consumer, why can’t the government protect itself?
Warren Buffet is one of the most successful investors of all time. Ambit has invested heavily in this company, so it would stand to reason that he must be doing something right. However, this class action lawsuit is just another ploy to get money out of innocent people who have not even wronged Ambit.
If you are one of the people that have been cheated by Ambit Energy, then you need some legal advice now. The best way for you to receive some kind of settlement is to file a complaint with the Commission on Financial Regulations. They have proposed rules and regulations that would prevent such companies from engaging in predatory pricing practices. These rules and regulations should be enforced, because they were adopted by the government. The attorney that you hired to handle your Ambit Class Action Lawsuit Funding should be able to help you find a lawyer to handle your case.
If you do not know where to look for a lawyer, then you could ask your accountant for recommendations. Most attorneys have worked with all kinds of clients, including Ambit Energy, and most will be able to help you get a lawsuit loan and settle your case. If your lawyer does not have enough experience in handling such lawsuits, then you may want to hire an attorney that does. It is important to keep in mind that many companies will use any means necessary to continue their business, and class action lawsuit funding may be the only way to stand up against these companies.