(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

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

BP, Shell and Statoil have been barraged by suits since acknowledging that they were among the companies hit in a surprise raid launched by the European Commission and the Norwegian Competition Authority in May. This action arises from Defendants’ unlawful combination, agreement, and conspiracy to fix and restrain trade in, and intentional manipulation of, North Sea Brent Crude Oil (“Brent Crude oil”) and the prices of Brent Crude oil futures contracts traded on the New York Mercantile Exchange…

By Gavin Broady

Law360, New York (July 02, 2013, 7:54 PM ET) — An Illinois private placement fund mounted a putative class action against BP PLC, Royal Dutch Shell PLC and Statoil ASA in New York Monday over the alleged crude oil futures manipulation scheme that put the companies in the crosshairs of a recent European regulatory sting.

White Oaks Fund LP is suing the energy companies over a purported plot to manipulate the price of North Sea Brent crude oil and Brent crude oil futures contracts by providing bogus pricing information to Platts, which publishes benchmark price assessments in the energy sector. read more

Oil-price manipulation may have wrought “huge” damage to consumers, the European Union’s antitrust chief said today, as he drew comparisons with EU investigations into rigging of bank rates including Libor.

EU Competition Commissioner Joaquin Almunia said, “If de facto the manipulation is confirmed, indeed, huge damages for consumers and users would have been originated by this.” Photographer: Andrew Harrer/Bloomberg

By Stephanie Bodoni May 28, 2013

Oil-price manipulation may have wrought “huge” damage to consumers, the European Union’s antitrust chief said today, as he drew comparisons with EU investigations into rigging of bank rates including Libor.

While it’s too soon to draw conclusions from the May 14 raids on Royal Dutch Shell Plc (RDSA), BP Plc (BP/), Statoil ASA (STL) and Platts, EU Competition Commissioner Joaquin Almunia said both sets of probe target price manipulation through a reporting system. read more

This action arises from Defendants’ unlawful combination, agreement and conspiracy to fix and restrain trade in, and intentional manipulation of North Sea Brent Crude Oil (“Brent Crude oil”) and the prices of Brent Crude oil futures contracts…: Defendants deliberately reported inaccurate, misleading and false information regarding Brent Crude oil prices to Platts…

By John Donovan

You may have seen reference on this website to the class action lawsuit launched in the USA by Prime International Trading, Ltd against Royal Dutch Shell, BP and Statoil, for alleged oil price-fixing.

We are the first to provide free access to the relevant CLASS ACTION COMPLAINT – ALL 53 pages

Searchable version can be supplied by email on request to [email protected]

The proceedings were issued on 22 May 2013.

Some extracts:

1. This action arises from Defendants’ unlawful combination, agreement and conspiracy to fix and restrain trade in, and intentional manipulation of North Sea Brent Crude Oil (“Brent Crude oil”) and the prices of Brent Crude oil futures contracts traded on the New York Mercantile Exchange (“NYMEX”) and the Intercontinental Exchange (“‘ICE”) during the period of at least 2002 through the present (the “Class Period”), in violation of the Commodity Exchange Act….2. Defendants deliberately reported inaccurate, misleading and false information regarding Brent Crude oil prices to Platts, a unit of McGraw Hill Financial Inc.,and the leading global provider of spot and contract pricing for the physical and financially settled derivatives Brent Crude oil markets. Platts’ Brent Crude oil prices are used to price and settle physical floating Brent Crude oil deals under long-term contracts on a physical (spot) basis, and to settle Brent Crude oil derivatives contracts, including NYMEX and ICE Brent Crude oil futures contracts. False reporting of Brent Crude oil prices to Platts thereby undermines the entire ‘pricing structure for the Brent Crude oil market.

6. On May 17,2013, the U.K. Serious Fraud Office announced that it was “urgently reviewing” the European Commission’s allegations of price-fixing in the oil markets and determining whether to accept the case for “criminal investigation.” That same day, the United States Senate called for the U.S. Department of Justice to join the European Commission investigation. read more

(Reuters) – A commodities trader has filed suit against BP Plc, Royal Dutch Shell Plc and Statoil in a U.S. federal court, accusing the companies of colluding to fix prices in North Sea Brent crude oil.

Thu May 23, 2013 4:33pm EDT

(Reuters) – A commodities trader filed suit against BP Plc (BP.L), Royal Dutch Shell Plc (RDSa.L) and Statoil (STL.OL) in a U.S. federal court, accusing the companies of colluding to fix prices in North Sea Brent crude oil.

Prime International Trading Ltd, in a proposed class-action lawsuit filed in the courthouse in White Plains, New York on Wednesday, accused the oil companies of misreporting prices of trades in the North Sea benchmark, which sets the price of about 70 percent of the world’s oil. read more

EXTRACTS: Oil market participants have called into question the accuracy of Platts’s benchmarks. In an August letter to the International Organization of Securities Commissions, Total Oil Trading, an arm of French oil company Total, said Platts’s prices are “out of line with our experience” several times a year. Spokesmen for BP, Shell, and Statoil declined to comment.

Europe’s Oil Market Gets Its Own Price Benchmarks Scandal

By Asjylyn Loder, Stephanie Bodoni, and Rupert Rowling: May 23 2013

Statoil (STO) sold a tanker of Norwegian crude valued at about $63 million to BP (BP) on May 9. That transaction, which wasn’t subject to any oversight by financial authorities, would help set the price of more than half the world’s oil. The deal was reported to Platts, a unit of McGraw Hill Financial (MHFI), which uses information from traders and others involved in the market to set benchmarks for oil and related products. Platts’s figures help determine the price refiners pay for crude, which in turn affects what consumers pay for gasoline and diesel fuel. read more

Allegations of “malpractice” in the oil market that could have cost drivers hundreds of pounds will be handed over to European investigators by a group representing 5,000 independent garages.

By Rowena Mason, Political Correspondent: 12:01AM BST 23 May 2013

The Petrol Retailers’ Association said it has turned to the European Commission after British authorities failed to act on its “formal and detailed complaint” alleging “anti-competitive practices” in the oil and petrol markets.

The European Commission last week raided the offices of BP and Shell in London over suspicions oil companies have “colluded” to distort fuel prices. The companies have confirmed they are fully co-operating with the investigation but cannot comment further while the investigation is underway. read more

It is not the first time oil companies have been in regulators’ cross hairs. In September 2006, the European Commission fined 14 firms €266.7m (£224.8m) for rigging the price of bitumen over eight years in the Netherlands. Shell received the biggest penalty.

FROM THE SUNDAY TIMES Page 9, 19 May 2013

Watchdogs join oil giants on rack in price-fix case

After whistleblowers’ claims of rigging failed, Brussels is trying to prove it

Extracts from the article by Karl West

It was June last year, and Halfon had just received an email from an oil trader who wanted to expose the tricks used to manipulate oil prices.

Abbott was sent to make sure the person purporting to be a trader was not a crank.

First impressions were good. The middle-aged man was dressed in a smart navy suit, and it was soon clear that he had a “forensic” knowledge of the oil futures market.

It is not the first time oil companies have been in regulators’ cross hairs. In September 2006, the European Commission fined 14 firms €266.7m (£224.8m) for rigging the price of bitumen over eight years in the Netherlands. Shell received the biggest penalty. read more

The whistleblower gave Halfon a statement in which he said the price of oil was being deliberately distorted: ‘I trade the oil market on a daily basis and every day the price is manipulated,’ he said. ‘There is ample oil in the system to satisfy demand at the moment. Profiteering seems to be the only objective.’

By Jon Rees And Sarah Bridge, Financial Mail On Sunday: PUBLISHED: 22:34, 18 May 2013 | UPDATED: 08:15, 20 May 2013

The scandal of alleged price-fixing by British oil companies has turned the spotlight on the bizarre way in which petrol prices for much of the world are set by a few people sat in a London office for 30 minutes.

Britain’s Shell and BP, along with Norway’s Statoil, are at the centre of a massive EC investigation after officials raided their offices in the capital last week.

All of the firms are co-operating with the investigation but they face public outrage if they are proved to have manipulated the wholesale price of oil. read more

John,

Your readers may find the following links interesting in view of the latest allegations regarding Royal Dutch Shell, BP, StatOil, and perhaps others:

Racketeer Influenced and Corrupt Organizations Act – Wikipedia, the …

en.wikipedia.org/…/Racketeer_Influenced_and_Corrupt_Organizations_...‎

This law-related article does not cite its references or sources. You can help Wikipedia by including appropriate …

Summary – RICO predicate offenses – Application of RICO laws – Famous cases

18 USC Chapter 96 – RACKETEER INFLUENCED AND CORRUPT …

www.law.cornell.edu › USC › Title 18 › Part I‎

The Congress number forms the first part of the Public Law number; each Congress … The Public Law field is linked to the development of the law in the Thomas system … RICO · Equal Employment Opportunity Commission · Affirmative action … read more

By John Donovan

Assessment of current situation in the price-rigging investigation partly based on an articled published today by The Lawyer today under the headline “All eyes on energy“:

Royal Dutch Shell is being advised by Clifford Chance in relation to the allegations of price-fixing.

Competition lawyers say that the investigation could be “bigger than Libor”.

If the allegations prove to be true, there is the prospect of unlimited fines and jail terms of up to 5 years for  directors.

There is an incentive of reduced sanctions dependent on the degree of co-operation i.e. turning informer.

Shell has confirmed that it is co-operating with the investigation.

Shell lawyers will have to decide whether to defend or continue to co-operate.

read more

FINANCIAL TIMES

By Ajay Makan and Javier Blas in London: May 17, 2013 5:48 pm

In simultaneous raids this week on the offices of the oil majors BP, Royal Dutch Shell and Statoil of Norway, and Platts, a leading price reporting agency that helps set energy benchmark prices, the European Commission has fired the starting gun on one of the biggest cross-country investigations into benchmark pricing since banks were caught red-handed…

(THIS IS THE BEST ARTICLE WE HAVE READ EXPLAINING ABOUT THE INVESTIGATION AND HOW ENERGY BENCHMARK PRICES ARE SET) read more

Selection of Shell related article links kindly provided by a regular contributor

If ‘everyone knew’ the oil market was open to rigging, why did no one …The Guardian-It is worth spelling out that manipulation of the oil market, which could … Statoil, BP and Shell are not just petrol providers – they are major gas …

European probe into oil price-fixing widens to Finland: Marketplace.org-May 17, 2013: Earlier this week, EU officials raided the offices of three of Europe’s biggest oil companies — BP, Shell and Statoil — and the oil price reporting company Platts, … read more