Attys Awarded $8.5M In Oil Futures Manipulation Settlement

Law360, New York (January 22, 2016, 6:55 PM EST) -- A New York federal judge on Thursday granted final approval to a $16.5 million deal that settles a class action that alleged two London-based companies violated antitrust laws by manipulating oil futures markets, awarding $8.49 million in attorneys' fees and expense reimbursements.

U.S. District Judge Katherine B. Forrest signed off on the deal that settles claims by a class of traders that Parnon Energy Inc., Arcadia Petroleum Ltd. and certain employees violated the Commodity Exchange Act and the Sherman Antitrust Act by controlling the price of West Texas Intermediate crude oil futures on the New York Mercantile Exchange and the Intercontinental...

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