On May 26, 2011, Labaton Sucharow LLP filed a class action lawsuit on behalf of a proposed class of traders who transacted in New York Mercantile Exchange ("NYMEX") West Texas Intermediate ("WTI") crude oil derivatives contracts.  

Plaintiff alleges that, between December 1, 2007 and May 31, 2008, Defendants intentionally and unlawfully manipulated derivative financial contract prices for WTI crude oil in violation of the Commodities and Antitrust laws. Specifically, plaintiff alleges that defendants capitalized on a relatively tight supply of WTI by acquiring a dominant position in the physical WTI market, which they used to manipulate WTI derivatives contract prices to their own financial advantage. Plaintiff further alleges that defendants intentionally caused prices of NYMEX WTI Derivatives contracts to trade at artificial levels and increased the price of physical crude oil, derivatives, and other oil products in the United States and elsewhere. The case is pending before the Honorable William H. Pauley III in the United States District Court for the Southern District of New York.

Plaintiff's complaint follows a civil complaint filed on May 24, 2011 by the U.S. Commodity Futures Trading Commission ("CFTC") based on similar conduct.