JPML Centralizes Oil Price-Fixing Suits In NY
October 21, 2013
Gregory Asciolla analyzes JPML's decision to consolidate the manipulation of oil future cases in New York
The U.S. Judicial Panel on Multidistrict Litigation (JPML) consolidated six cases in the Southern District of New York, which accuse BP PLC, Royal Dutch Shell PLC, and Statoil ASA of manipulating crude oil futures.
"While this case involves defendants located in Europe and conduct that is international in scope, both the New York Mercantile Exchange and Platts — two entities that may play pivotal roles in the case — are headquartered in New York City. With this ruling in place, plaintiffs can now move forward in litigating their claims that defendants conspired to manipulate prices of Brent North Sea Crude oil and related futures contracts to the detriment of U.S. consumers," Asciolla said.