Traders Pay $16.5M To End Oil Futures Manipulation Scheme

Law360, New York (June 4, 2015, 5:38 PM EDT) -- Two London-based companies accused in New York federal court of manipulating oil futures markets by hoarding oil and then selling it to reap huge profits on futures contracts agreed on Wednesday to pay $16.5 million to a class of traders affected by the scheme.

The plaintiffs asked U.S. District Judge Katherine B. Forrest for preliminary approval of the settlement, which would require Parnon Energy Inc., Arcadia Petroleum Ltd. and certain employees to pay the class, though it's not an admission of guilt and the defendants maintain they did nothing wrong.

The settlement resolves all claims that the companies violated the Commodity...

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