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Lawsuit says BP, Shell, others rig Brent crude prices

  • 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.
Comments (15)
  • andrewvancity
    , contributor
    Comments (17) | Send Message
     
    This surprising nope!.
    7 Nov 2013, 03:08 PM Reply Like
  • Qniform
    , contributor
    Comments (2456) | Send Message
     
    A lawsuit brought by "four longtime Nymex traders." What, they're upset that someone could game them like they game the retail investor?
    7 Nov 2013, 03:18 PM Reply Like
  • sarichter
    , contributor
    Comments (273) | Send Message
     
    Seriously... I can't believe anyone is taking a trader seriously. Those a**h*les are the primary problem.
    7 Nov 2013, 04:07 PM Reply Like
  • mweaver
    , contributor
    Comments (201) | Send Message
     
    shakedown
    7 Nov 2013, 03:22 PM Reply Like
  • daphnex2
    , contributor
    Comments (121) | Send Message
     
    "THEY" never give up hope of gouging the guts out of oil.
    7 Nov 2013, 03:59 PM Reply Like
  • jjonesg1
    , contributor
    Comments (40) | Send Message
     
    Wow, surprising, not at all. What is surprising is that Oil has dropped significantly over the past few weeks/month (+/-) and prices at the pumps have remained the same. So why is this occuring? Now that an investigation is taking place, let's see what happens next!
    7 Nov 2013, 04:04 PM Reply Like
  • Larry Smith
    , contributor
    Comments (2481) | Send Message
     
    Gas was over $4 a gallon in Chicago during the summer, it is now $3.29. I would say that is a significant drop.
    7 Nov 2013, 07:53 PM Reply Like
  • Ford289HiPo
    , contributor
    Comments (458) | Send Message
     
    "Gas was over $4 a gallon in Chicago during the summer, "

     

    You need to slap down some greedy politicians for that.
    7 Nov 2013, 11:31 PM Reply Like
  • Swisser998
    , contributor
    Comments (128) | Send Message
     
    OPEC is also rigging the price of oil. Who ever thought that the oil market was actually free in the first place?
    7 Nov 2013, 05:19 PM Reply Like
  • BAHAMAS1
    , contributor
    Comments (1791) | Send Message
     
    Sour Grapes coming from 4 greedy cheaters , I mean traders.
    If true , and THEY were part of the profits, I'm sure their conscience would have them all returning their ill gotten gains to charity !
    What BS !
    7 Nov 2013, 05:28 PM Reply Like
  • Michael Ray
    , contributor
    Comments (20) | Send Message
     
    We need a loser pays system in the States.
    7 Nov 2013, 05:30 PM Reply Like
  • User 14263522
    , contributor
    Comments (103) | Send Message
     
    http://bit.ly/HDs7QN

     

    reality of the markets these days.

     

    but would it be provable?
    7 Nov 2013, 06:26 PM Reply Like
  • sethmcs
    , contributor
    Comments (3067) | Send Message
     
    Anytime anything at all is declared a commodity and traded on an "exchange" there will be a wall street premium attached. Imagine what our utility bills would be like if Enron didn't fail.
    7 Nov 2013, 09:56 PM Reply Like
  • Rico Sauve
    , contributor
    Comments (5) | Send Message
     
    Talk is cheap. Let's see some hard evidence, not just a gaggle of ex-traders popping their pie-holes, speculating about what they "think" may be going on.

     

    We really need to look at making the losing ATTORNEY pay for these frivoulous lawsuits. They are fully aware that these lawsuits are shake down jobs and they should be held accountable for taking them on.
    8 Nov 2013, 08:41 AM Reply Like
  • BAHAMAS1
    , contributor
    Comments (1791) | Send Message
     
    Lose license and Prosecuted henceforth for the felonies perpetrated on this company and their shareholders.
    9 Nov 2013, 06:01 PM Reply Like
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