Law360, Houston (September 11, 2012, 9:24 PM ET) -- A Texas appeals court on Tuesday denied a bid by Shell Trading US Co. to revive a suit against Lion Oil Trading & Transportation Inc., ruling that Shell’s untimely delivery of 220,000 barrels oil precluded it from recovering the full contract price.
The Fourteenth Court of Appeals held because Shell failed to deliver any of the oil on time under exchange agreements with Lion, it could not rely upon a so-called “balancing provision” in the contracts which lock in the price of partially late deliveries....
Appeals Court Kills Shell's Bid To Revive Oil Delivery Suit
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