EU Raids BP, Statoil Over Benchmark Rate Manipulation

Law360, New York (May 14, 2013, 7:14 PM EDT) -- The European Commission raided BP PLC and Statoil on Tuesday based on suspicions that the energy giants might have colluded to manipulate benchmark oil and biofuel rates used in derivatives and commodity sales.

The European Union antitrust watchdog carried out surprise inspections in two of the bloc's 27 member states, while the Norwegian Competition Authority handled other raids at the EC's request. Norway, which is home to Statoil, is not part of the EU but it is part of the European Economic Area, over which the...
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