Many people probably assume that oil markets are controlled by OPEC. However, a recent class action lawsuit brought by a group of oil futures traders and others alleges that the oil market for the benchmark West Texas Intermediate (WTI) crude oil was manipulated not by Middle Eastern countries, but rather by an American company and a U.K. oil trader trying to gain large profits.
After several years of litigation, Texas oil logistics company Parnon Energy Inc. and London-based oil trader Arcadia Petroleum Ltd. recently agreed to pay $16.5 million to settle a class action lawsuit brought against them on the basis of claims that they manipulated oil futures prices. The case, which was filed in 2011 in the U.S. District Court for the Southern District of New York, is In re Crude Oil Commodity Futures Litigation.
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