Class Action Brought Against Oil Companies For Benchmark Manipulation

Class Action Brought Against Oil Companies For Benchmark Manipulation

NEW YORK - A U.S. commodities trading company on May 22 sued BP PLC, Royal Dutch Shell PLC and Statoil ASA, alleging that the oil companies engaged in an unlawful conspiracy to fix North Sea Brent Crude oil market prices and the prices of Brent Crude oil futures contracts by intentionally reporting inaccurate information regarding crude Brent Crude oil prices to the leading global provider of pricing for Brent Crude oil markets (Prime International Trading, Ltd. v. BP PLC, et al., No. 7:13-cv-3473-KMK, S.D. N.Y.).

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