SK Trading International Co. Ltd. must face claims filed by the California Attorney General that it conspired with Vitol Inc. to manipulate the state’s gasoline market, an appellate court in San Francisco said Monday.
The state sued Vitol, SK Energy, and its parent company SK Trading, in 2020, alleging the companies took advantage of a 2015 refinery explosion near Los Angeles to increase the price of gasoline.
The companies inflated trades they reported to the Oil Price Information Service, and also executed hidden trades that weren’t reported, the complaint said.
Market participants may have viewed Vitol and SK as competitors, ...
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