CFTC, Investors To Tag-Team Oil Futures Manipulation Suit

Law360, New York (May 30, 2013, 7:01 PM EDT) -- A New York federal judge said Thursday that a proposed class action alleging oil traders Parnon Energy Inc. and Arcadia Petroleum Ltd. manipulated the market in crude futures will move in parallel with a U.S. Commodity Futures Trading suit against the two.

The two companies may even face investors and the CFTC simultaneously at a joint trial in 2014, U.S. District Judge William H. Pauley III said at a conference in Manhattan.

The CFTC and investors claim that Parnon and Arcadia hoarded West Texas Intermediate crude...
To view the full article, register now.