Arcadia Petroleum Pushes To Kill CFTC Manipulation Claims

Law360, New York (December 9, 2011, 5:47 PM EST) -- Arcadia Petroleum Ltd. on Friday pushed a New York federal judge to toss the U.S. Commodity Futures Trading Commission's lawsuit alleging it illegally manipulated the price of oil futures derivatives, saying the regulator does not have the authority to police that market.

The CFTC claims the London-based energy company and Tulsa, Okla.'s Parnon Energy Inc. made $50 million by hoarding West Texas Intermediate crude oil and using that control to manipulate a futures derivative called the calendar spread — a market indicator that represents the difference...
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