U.S. May Act Against BP Over Trading Activities

Law360, New York (December 14, 2006, 12:00 AM EST) -- Oil giant BP PLC said federal regulators intend to initiate a civil enforcement action against its U.S. unit over its trading practices for gasoline futures contracts four years ago.

The Commodity Futures Trading Commission notified the company on Nov. 21 that it plans to recommend taking action against BP Corp. North America Inc., according to BP’s Wednesday filing with the U.S. Securities and Exchange Commission.

The CFTC’s possible action stems from alleged violations of the Commodity Exchange Act in connection with the BP unit’s trading of...
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