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Oil Price Fixing

US CLASS ACTION LAWSUIT AGAINST SHELL AND OTHERS FOR OIL PRICE FIXING

Apr 29th, 2015
by John Donovan.
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(NOW UPDATED WITH 98 PAGE DOCUMENT FILED 24 APRIL 2015 WITH THE U.S. COURTS)

A 194 page Complaint filed in the US Courts two months ago confirms that investigations are underway by the U.S. Federal Trade Commission, the EU Commission and the UK Serious Fraud Office into an alleged oil price-fixing conspiracy involving Shell, BP, Statoil and others. 

The plaintiffs provide what they describe as “concrete evidence” within the Complaint of oil price manipulation.

A link to the entire 194 page document is provided.

Extracts from 194 page Court document dated 27 Feb 2015

SECOND AMENDED CONSOLIDATED CLASS ACTION COMPLAINT FILED 27 FEBRUARY 2015

Case 1:13-md-02475-ALC Document 308 Filed 02/27/15

UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK

I. NATURE OF THE ACTION

1. This action arises from manipulations of North Sea Brent Crude Oil Market  (defined herein) by Defendants Shell International Trading and Shipping Company Limited (“STASCO”), Shell Trading US Company, BP pic (“BP”), BP America, Inc., BP Corporation North America Inc., Statoil ASA (“Statoil”), Statoil US Holdings Inc. (“Statoil US”), Morgan Stanley Capital Group, Inc. (“MSCGI”), Trafigura Beheer B.V., Trafigura AG, Phibro Trading LLC (“Phibro”), Phibro Commodities Limited, Vitol, S.A. (“Vitol”), Vitol, Inc., Hess Energy Trading Company, LLC (“HETCO”), Mercuria Energy Trading S.A., Mercuria Energy Trading, Inc., (collectively, “Defendants”) since at least 2002 through the present (the “Class Period”). read more

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Shell Subsidiaries Want Oil Price-Rigging Suit Dumped

Apr 8th, 2015
by John Donovan.
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Screen Shot 2015-01-06 at 21.26.38From an article by Aaron Vehling published 7 April 2015 by LAW360.com

Shell Subsidiaries Want Oil Price-Rigging Suit Dumped

Law360, New York (April 07, 2015, 6:31 PM ET) — Two Royal Dutch Shell PLC affiliates on Tuesday urged a New York federal court to dismiss them from a multidistrict litigation accusing them of manipulating crude oil futures, arguing that the plaintiffs haven’t alleged facts to justify the affiliates being named in the suit.

Shell Trading (US) Co. and Shell International Trading and Shipping Co. Ltd., which replaced Royal Dutch Shell in the suit after the plaintiffs filed their second amended complaint in February, urged the court to dismiss claims accusing them of participating in a… read more

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EU investigates price fixing in energy markets

Oct 10th, 2014
by John Donovan.
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Screen Shot 2014-06-22 at 18.53.03The latest development follows the Libor rigging scandal and the raids carried out in May 2014 on the oil majors BP, Shell and Statoil, seeking evidence of manipulation of oil prices.

By John Donovan

On Tuesday, investigators for the EU Commission raided several companies producing and trading in biofuels.

According to the commission, the surprise inspections resulted from possible collusion when submitting price information to a price reporting agency.

The latest development follows the Libor rigging scandal and the raids carried out in May 2014 on BP, Shell and Statoil, in an investigation seeking evidence of oil price manipulation.

More information can be found in a Financial Times article by Alex Barker: read more

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Royal Dutch Shell News Monday 29 Sept 2014

Sep 29th, 2014
by John Donovan.
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Screen Shot 2014-09-29 at 14.02.38By John Donovan

A selection of current news articles about Royal Dutch Shell from around the globe:

Oil price fixing

According to a Bloomberg article published by energyvoice.com, the UK is considering whether to criminalize manipulation of the world’s most-traded crude-futures market.

Extract

The UK is toughening the rules after the rigging of Libor and related gauges resulted in $6.5 billion in fines for at least 10 companies. European Union antitrust authorities raided the offices of companies including BP Plc, Royal Dutch Shell Plc and Statoil ASA in May 2013 amid allegations of collusion and price manipulation in crude, refined products and biofuels markets. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan. There is also a Wikipedia segment.

BP, Shell, Morgan Stanley seek end of oil price-fixing lawsuit

Jul 29th, 2014
by John Donovan.
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Screen Shot 2014-01-30 at 00.47.49

Extracts from a Reuters article by Jonathan Stempel published Tuesday 29 July 2014

(Reuters) – BP Plc, Royal Dutch Shell Plc, Morgan Stanley and other companies urged a U.S. judge to dismiss nationwide litigation claiming they conspired for 12 years to fix prices of Brent crude oil, a benchmark for the cost of gasoline and heating oil.

In papers filed on Monday night in U.S. District Court in Manhattan, the defendants said there was no evidence they colluded to manipulate spot prices or intended to do so, in violation of U.S. commodity and antitrust laws.

They also said that because the alleged manipulation took place outside the United States and was governed by foreign law, U.S. courts had no authority to handle the case to begin with. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan. There is also a Wikipedia segment.

Shell found guilty of fuel price fixing in Italy

May 24th, 2014
by John Donovan.
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Screen Shot 2014-05-24 at 12.54.49

By John Donovan

An article published yesterday in Italy reports that Shell Italy SpA  been convicted of abuse of a dominant position by using discriminatory practices in the fuel distribution market, affecting retail fuel prices. This was before Royal Dutch Shell sold its Italian retail network to Q8 (Kuwait Petroleum).  

Such manipulation cannot possibly be in accordance with Shell’s claimed business principles. 

Printed below is a Google translation of the article into English. Happy to substitute a more accurate translation if anyone cares to supply it.  read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan. There is also a Wikipedia segment.

Investigators seek breakthrough a year after EU raided Big Oil

May 12th, 2014
by John Donovan.
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Screen Shot 2013-05-17 at 01.06.41By Gaspard Sebag, Lananh Nguyen and Andy Hoffman: Bloomberg News 12 May 2014

Twelve months after raiding oil companies and Platts in a hunt for evidence of possible manipulation of price benchmarks, European Union officials are looking for a breakthrough. On May 14 last year, EU investigators had to leap into a taxi cab to Royal Dutch Shell Plc (RDSA)’s trading floor on the Strand in central London after arriving at the wrong destination — the company’s London head office on the opposite side of the River Thames – according to one person familiar with the antitrust raids on that day. Lawyers say such mishaps are common during so-called surprise inspections — especially where officials lack the guiding hand of an immunity applicant. “All Shell companies fully cooperated with the EU commission during the inspection at our offices and will continue to do so as the commission’s investigation proceeds,” Ross Whittam, a company spokesman said. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan. There is also a Wikipedia segment.

Royal Dutch Shell employees warned about giving perjured testimony

May 12th, 2014
by John Donovan.
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Screen Shot 2013-05-17 at 01.06.41Shell staff were reminded recently of the obligation to be truthful if called upon to testify under oath. They were also reminded that even when testifying as a Shell employee on behalf of Shell, they were personally liable for the consequences of any untruths or misleading statements that they made.

DEFINITION OF PERJURY: The deliberate, willful giving of false, misleading, or incomplete testimony under oath.

From a Regular Contributor

I heard on the grapevine that Shell staff were reminded recently of the obligation to be truthful if called upon to testify under oath. They were also reminded that even when testifying as a Shell employee on behalf of Shell, they were personally liable for the consequences of any untruths or misleading statements that they made.

It may seem surprising to some people that senior Shell staff needed to be reminded of their legal obligation to be truthful when testifying. I also understand that some Shell employees were surprised to learn that they were personally liable for the consequences of any misleading statements they made when testifying on behalf of their employer. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan. There is also a Wikipedia segment.

Hess, Mercuria Added to Brent Crude Oil Price-Fixing Lawsuit (1)

Apr 30th, 2014
by John Donovan.
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Screen Shot 2013-05-17 at 01.06.41Extracts from a Bloomberg News article by Bob Van Voris published 29 April 2014

Mercuria Energy Trading SA and a Hess Corp. (HES:US) unit were added as defendants to a lawsuit claiming they conspired with oil companies including BP Plc (BP/), Statoil ASA (STL) and Royal Dutch Shell Plc (RDSA) to manipulate Brent crude oil prices. “By providing false or inaccurate information and engaging in false or sham trading, defendants undermined the entire pricing structure for the Brent crude oil physical and futures markets,” the investors claimed in their new complaint. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan. There is also a Wikipedia segment.

Brent Oil price benchmark ‘in urgent need of reform’

Apr 23rd, 2014
by John Donovan.
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Screen Shot 2014-03-29 at 16.05.25Extract from an article by Roland Gribben published by The Telegraph on 22 April 2014

Brent Oil, the pricing benchmark for two thirds of the world’s oil supply, is “crumbling” and is in urgent need of reform, a new study into the market argues. The study emerges as oil companies, traders and agencies responsible for reporting and monitoring prices examine the scope for changes to restore confidence and limit EU or US intervention and regulation they fear would be damaging and costly. A European Commission team raided the head offices of BP, Shell and Statoil as well as the London offices of Platts, the leading price reporting agency, last year in the search for evidence of price fixing and business behaviour similar to the rigging of the Libor benchmark by banks. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan. There is also a Wikipedia segment.

Kuwait suspects corruption in $800 million Royal Dutch Shell contract

Apr 7th, 2014
by John Donovan.
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Screen Shot 2014-04-07 at 00.46.28Seems to me that the Kuwait government is being very diplomatic and the word “corruption” should be substituted for “irregularities.” In my experience, despite pledges to the contrary in its sham ethical code, Shell senior management is content to turn a blind eye to corruption. Lets face it, the entire Royal Dutch Shell Group was built on illegal activity, including oil price fixing.

By John Donovan

A question of possible “irregularities” seem to have arisen in relation to an $800 million service contract awarded to Shell by  the state owned Kuwait Oil Company.

Extracts from a report filed by the Kuwait News Agency:

Minister of Oil Ali Al-Omair underlined that the government will not condone or cover up any irregularities in petroleum sector deals and it will take all necessary action to protect public funds. Since its signature in February 2010, the five-year contract with Shell was the subject of much debate in Kuwait. The former parliament had formed a special committee to probe procedures leading to the awarding of the enhanced technical services agreement to Shell. The contract was awarded to Shell to help Kuwait develop its newly-discovered non-associated natural gas fields in the north of the country, after initial production hurdles. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan. There is also a Wikipedia segment.

Peter Rees reappears but mystery remains over his exit from Shell

Mar 25th, 2014
by John Donovan.
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Peter Rees QC

Peter Rees QC

“Rees’ departure from Shell prompted much speculation in the City, given the company’s recent profit warnings, the on-going European Commission investigation into oil price-rigging and the arrival of new CEO Ben van Beurden.”Mr Rees has refused to comment on the circumstances of his unexpected and unexplained departure from Royal Dutch Shell during a financial crisis. 

By John Donovan

Peter Rees, until January Legal Director of Royal Dutch Shell Plc and an executive director of the company, has resurfaced at London Chambers “Thirty Nine Essex Street” as a counsel and commercial arbitrator. A considerable fall in prestige. He led a 1,000 strong legal department at Shell.

The reason for his sudden department from Shell days before the company issued a profits warning that shook the markets was said to be known by only three people other than Rees- Peter Voser, the retiring CEO, Ben van Beurden, the incoming CEO, and HR boss, Hugh Mitchell. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan. There is also a Wikipedia segment.

Illicit activities of Royal Dutch Shell snared in NSA surveillance programs?

Mar 23rd, 2014
by John Donovan.
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It would be ironic if Shell, a company that was publicly exposed for engaging in spying, undercover activities and dirty tricks operations against its perceived enemies, such as Greenpeace and John Donovan, are exposed again, this time by government secret surveillance programs.

By Washington Observer

Over the last year or so there have been a number of revelations about the telecom data collection capabilities of the National Security Agency and how those capabilities have been used – see informative Washington Post article index facility: “NSA Secrets.”

We shall presume that given the treaty arrangements between the US and the UK (and Canada, New Zealand, and Australia) that the British Secret Service is also involved in similar activities and that there is a great deal of cooperation between the agencies. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan. There is also a Wikipedia segment.

BP and Shell suspected manipulation of oil prices

Mar 6th, 2014
by John Donovan.
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Extracts from an article by Alex Lawler published on 6 March 2014 by Reuters

BP says U.S., Asia regulators ask for details after EU price probe

Screen Shot 2013-05-17 at 01.06.41(Reuters) – BP Plc said regulators from the United States and Asia have asked it for information after the European Commission’s started an investigation last year into suspected manipulation of oil prices. London-based BP, Europe’s second-largest oil company, made the disclosure in its annual report released on Thursday. Last May, European authorities raided offices of BP, and Royal Dutch Shell and Statoil in an investigation of suspected price manipulation. “Related inquiries and requests for information have also been received from U.S. and other regulators following the European Commission’s actions,” BP said in its 2013 annual report, published on its website. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan. There is also a Wikipedia segment.

Benchmark in Jeopardy

Feb 11th, 2014
by John Donovan.
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Screen Shot 2014-02-11 at 19.02.59

Screen Shot 2013-05-17 at 01.06.41Straining to solve a problem that might be illusory, European regulators soon might create real problems by increasing the volatility of an important crude oil price marker. Worried that shenanigans might reach beyond financial markets, the EC expanded its proposal to encompass commodities, including oil. In May, the EC and European Free Trade Association Surveillance Authority unveiled investigations into suspicions that representatives of Shell, BP, and Statoil had distorted trading information they provided Platts. Results of those probes have yet to be reported. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan. There is also a Wikipedia segment.

Fixing the fix

Feb 8th, 2014
by John Donovan.
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Screen Shot 2013-04-20 at 08.36.20

The European Union wants to change how commodity benchmarks are set

BRUSSELS: Feb 8th 2014

Screen Shot 2013-05-17 at 01.06.41“THE oil price” has a comforting ring of clarity about it. But in reality many benchmark prices for oil and other commodities are merely estimates based on incomplete information from unregulated, illiquid markets. …the European Commission last year raided BP, Royal Dutch Shell, Statoil (all oil firms) and Platts (the biggest PRA) in an investigation of possible market-rigging. An American regulator, the Commodity Futures Trading Commission, is investigating price-fixing by trading houses and oil companies. Many see similarities to scandals involving financial benchmarks such as LIBOR, which purported to track the price of loans between banks in London, but turns out to have been manipulated with gusto. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan. There is also a Wikipedia segment.
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