Court approves $1 million settlement for Waterbury based oil company customers

I praised the Court’s approval of a settlement providing about $1 million in restitution to thousands

of F&S Oil Company customers owed money or heating oil after the company’s abrupt closure in March 2008.

Superior Court Judge Grant Miller approved the settlement on December 23 during a proceeding at Hartford Superior Court.

This settlement provides F&S customers with much-needed and deserved restitution -- money back for oil and services owed them when the company closed. Consumers will recoup cash they paid for oil and services, only to be burned when F&S shut down.

Scarce assets were a huge hurdle in our tough fight for restitution, but this result assures some relief. My office will move as quickly as possible to pay claims -- hopefully in time to help consumers pay this year’s heating bills.

My office’s lawsuit against former F&S president Christopher T. Carr is ongoing and represents a potential source of additional restitution for con- sumers. My investigation into F&S’ collapse is ongoing.

I will continue to vigorously and aggressively enforce state laws and regulations requiring oil companies to secure sufficient supply for prepaid and fixed payment contracts. I urge consumers to carefully consider how they purchase oil, thinking long and hard before pre-paying. The promise of marginally lower prices may not be worth the risk -- and could lead to financial flame out.

The more than 2,500 F&S customers who filed complaints with my office will be mailed early this year paperwork with their claim information already filled in.

They will only have to review the forms for accuracy and completeness before signing and returning them for consideration.

Other consumers who also may be eligible to receive payments from the fund but who have not yet submitted complaints will also receive claim forms that they may submit for consideration.