(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

The 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

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

Shell UK chairman Ed Daniels was away on business when investigators from the European Commission came calling at his London office this month over sensational allegations of price-rigging in the oil market. ‘But I heard about it pretty quickly,’ he says wryly. Unsurprisingly, it is not a subject he is eager to discuss:

Targeted: Ed Daniels said Shell is co-operating with an EC investigation

By Helen Loveless: PUBLISHED: 22:02, 25 May 2013 | UPDATED: 22:02, 25 May 2013

Shell UK chairman Ed Daniels was away on business when investigators from the European Commission came calling at his London office this month over sensational allegations of price-rigging in the oil market.

‘But I heard about it pretty quickly,’ he says wryly.

Unsurprisingly, it is not a subject he is eager to discuss: ‘We are fully co-operating with the investigation with the EC. We will continue to co-operate. More than that I can’t say.’ 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

By Brian Swint; May 24, 2013

The three oil producers under investigation by the European Commission for manipulating oil prices are being sued in a class-action lawsuit in the U.S.

BP Plc, Royal Dutch Shell Plc (RDSA) and Statoil ASA (STL) “deliberately reported inaccurate, misleading and false information regarding Brent crude oil prices to Platts,” Prime International Trading Ltd., said in a complaint filed May 22 in federal court in New York.

Platts, a unit of McGraw Hill Financial Inc. (MHFI), was raided this month along with the three oil companies by EU officials looking for evidence of price manipulation. Platts calculates benchmarks that are used in transactions worldwide based on reports from oil companies that buy and sell crude. 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

Bonus awarded to outgoing chief executive Peter Voser prompts 8% of shareholders to vote against remuneration policy

Bumper £8m pay package for Shell boss Peter Voser (Daily Mail Article)

• Rupert Neate
• The Guardian, Tuesday 21 May 2013 18.38 BST

Shell suffered an embarrassing 10% shareholder rebellion against its executive pay report on Tuesday.

Almost 8% of the investor base voted against the company’s remuneration policy, which handed its outgoing chief executive Peter Voser a €3.3m (£2.8m) cash bonus in a year when profits dropped by $1.6bn (£1.05bn) to $27bn.

A further 2% of investors abstained from the vote at Shell’s annual meeting in The Hague.

The bonus took Voser’s total salary package to €5.1m, down from €5.2m the previous year, although this is still more than double the $2.7m package given to BP boss Bob Dudley last year. Dudley received no bonus as the company continues to deal with the consequences of the Gulf of Mexico oil spill. 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

No doubt you picked this up already.
 
The words of a pharisee (red is mine). And what does he really mean, allegations of manipulation are against everything we believe. So Shell does not believe in allegations? Manipulation is OK?:

Extracts from Dow Jones Report

THE HAGUE, The Netherlands–The European Union probe into potential energy-price manipulation has made no adverse findings against Royal Dutch Shell PLC, the company’s chief executive Peter Voser said Tuesday.

European antitrust regulators raided the offices of Shell last week… read more