Marathon Oil Unit Pays $1M To Settle CFTC Claims

Law360, New York (August 1, 2007, 12:00 AM EDT) -- A Marathon Oil Corp. subsidiary on Wednesday agreed to pay $1 million to settle charges by the U.S. Commodity Futures Trading Commission that the company manipulated the price of crude oil in 2003.

In putting the CFTC's complaint to rest, Marathon Petroleum Co. LLC did not admit or deny the agency's charges. The settlement also requires the oil company to cease and desist from further violations of the Commodity Exchange Act, which it was accused of infringing.

The CFTC accused Marathon Petroleum of offering to sell...
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