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US: Commodities trader sues same gas giants under watch from EU

By  |  May 23, 2013

A US commodities trader is reportedly suing gas conglomerates Royal Dutch Shell Plc, BP Plc and Statoil, accusing the companies of fixing oil prices – the companies are the same three currently under the eye of the European Commission for allegations of price-fixing as well. According to reports, Prime International Trading Ltd. accuses the companies of fixing North Sea Brent crude oil prices; a class-action case has been filed in New York. Specifically, the companies allegedly manipulated the North Sea benchmark rate that is used to determine about 70 percent of the world’s oil prices. European regulators raided offices of the three companies last week in its own investigation.

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