BP, Shell, Statoil Accused in Lawsuit of Manipulating Oil Prices
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BP Plc, Statoil ASA and Royal Dutch Shell Plc were named in a lawsuit accusing them of manipulating the price of North Sea Brent crude oil and futures contracts.
Gregory Smith, a Texas trader who claims he overpaid for Brent crude oil futures, sued the oil companies in Manhattan federal court yesterday. Smith claimed the companies intentionally reported false prices to Platts, a division of McGraw Hill Financial Inc., which publishes benchmark prices for the oil industry.