Oil Traders Face Investor Class Action After CFTC Suit

Law360, New York (May 31, 2011, 6:23 PM EDT) -- An oil futures investor filed a proposed class action alleging price manipulation against oil traders Parnon Energy Inc. and Arcadia Petroleum Ltd. in New York on Thursday, two days after the U.S. Commodity Futures Trading Commission sued the companies for $150 million.

The investor, Stephen Ardizzone of New York, accused California-based Parnon and U.K.-based Arcadia of violating the Commodity Exchange Act and netting $50 million in illegal profits. His suit, filed in New York federal court, seeks damages he and other traders sustained as a result...
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