Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

BP, Shell, Statoil Face U.S. Lawsuit After EU Oil Price Probe

May 24 (Bloomberg) -- The three oil producers under investigation by the European Commission for manipulating oil prices are being sued in a class-action lawsuit in the U.S.

BP Plc, Royal Dutch Shell Plc and Statoil ASA “deliberately reported inaccurate, misleading and false information regarding Brent crude oil prices to Platts,” Prime International Trading Ltd., said in a complaint filed May 22 in federal court in New York.

Platts, a unit of McGraw Hill Financial Inc., was raided this month along with the three oil companies by EU officials looking for evidence of price manipulation. Platts calculates benchmarks that are used in transactions worldwide based on reports from oil companies that buy and sell crude.

Prime Trading, based in Chicago, traded hundreds of thousands of futures contracts at “artificial prices” because of manipulation, the complaint says.

Spokesmen for BP and Shell declined to comment on the U.S. suit. A spokesman for Statoil was not available for comment when contacted by phone and e-mail.

The case is Prime International Trading Ltd. versus BP Plc et al, 7:13-cv-03473-KMK, U.S. District Court, Southern District of New York (White Plains).

To contact the reporter on this story: Brian Swint in London at bswint@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.