- BP, Royal Dutch Shell (RDS.A, RDS.B) and Statoil (STO) have been manipulating the Brent crude oil price for more than a decade, according to allegations in a class-action lawsuit brought by four longtime Nymex traders.
- The claim was lodged last month in the wake of the European Commission in May launching an investigation into alleged price rigging by the companies.
- The new lawsuit appears to contain more detailed descriptions of the alleged manipulation practices; the traders say one method to rig prices is “spoofing,” or creating an order to move the market with the intention of canceling it later.
- A STO spokesperson says it isn't unusual to see lawsuits filed after investigations by government agencies; the other companies have declined to comment.
- ETFs: BNO, UOIL, DOIL.