The criminal case against four BP natural-gas traders looked like a textbook prosecution. The U.S. subsidiary of the British energy giant had already agreed to pay $303 million to settle civil allegations that it manipulated the propane gas market. The U.S. Department of Justice had taped phone conversations in which one defendant bragged about being able to “control the market at will.” A fifth trader pleaded guilty and agreed to cooperate.
But there was a problem: The law used to indict the traders had only been used once before, and it contains a loophole that exempts online energy brokers from regulation — a fact on which the defense team led by K&L Gates zeroed in. In September, the 26-count felony indictment was thrown out before the case went to trial.
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