2nd Circ. Affirms BP, Shell's Escape From Oil Antitrust Claims

Law360 (August 29, 2019, 6:54 PM EDT) -- The Second Circuit on Thursday affirmed the dismissal of antitrust and Commodity Exchange Act claims brought against BP PLC, Royal Dutch Shell PLC and other energy companies over the alleged manipulation of overseas oil prices.

An appellate panel said derivative traders behind the suit had still been unable to show that they participated in markets for derivative instruments pegged to the allegedly manipulated benchmark for North Sea Brent crude oil, defeating the notion that they suffered any kind of antitrust-related injury.

The traders have also been unable to overcome the presumption that the CEA can only apply to domestic transactions and...

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