Ambit Energy’s “1% Savings Guarantee”

July 2018: A state court judge granted final approval of the settlement agreement.

February 2018: A state court judge preliminarily approved a settlement agreement. According to the terms, class members who were rolled off of Ambit’s Guaranteed Savings Plan to its New York Select Variable Plan may receive a refund in an amount that depends upon several factors, including when the customer enrolled, the length of time they were a customer, and the number of class members who submit claims. In addition, Ambit agreed to determine if the company owes customers money by recalculating any calculations performed during the class period and pay any amount owed to customers based on the recalculation. A final fairness hearing is scheduled for June 27, 2018. For more information, go to http://www.nyenergysavingssettlement.com/.

March 2015: A class-action lawsuit was filed against Ambit Energy for, among other things, allegedly misleadingly offering customers a “1% Savings Guarantee” (i.e., promising that Ambit charges its customers 1% less for 12 months of energy than other energy providers or Ambit will send them a check for the difference) when, in reality, the company overstates what other providers would have charged and does not honor its promise. (Simmons et al v. Ambit Energy Holdings, LLC et al, Case No. 503285/2015, Supreme Court of the State of New York, County of Kings).

For more information about other class-action lawsuits filed against Ambit Energy and TINA.org’s coverage of the company, click here.

For more information about other class-action lawsuits filed against energy suppliers and TINA.org’s coverage of them, click here.