Mergers & Antitrust Law News

BP, Shell Escape Rehearing of Traders’ Market Rigging Claims

Oct. 17, 2019, 4:29 PM

BP PLC, Royal Dutch Shell PLC, and other energy companies don’t have to face a redo of claims they rigged North Sea crude oil commodities prices, the Second Circuit ruled.

The lawsuit accused the companies of manipulating the Dated Brent Assessment, a daily index that affects overseas prices for North Sea crude oil, also called Brent crude. The scheme sent ripples across worldwide futures and derivatives markets, according to the suit, which was filed by commodities traders. It alleged violations of federal antitrust laws and the Commodities Exchange Act.

The U.S. Court of Appeals for the Second Circuit...

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