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...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Beta
Ask a question!