Reuters — A U.S. judge denied a motion to dismiss the U.S. Commodity Futures Trading Commission’s lawsuit against Arcadia Petroleum and Parnon Energy on Thursday [April 26], saying the regulator had “plausibly alleged” the traders manipulated oil prices in 2008.
The move confirms one the largest ever oil manipulation cases will go ahead, after it was first brought by the CFTC last May. Swiss-based Arcadia and Oklahoma-based Parnon are accused of trying to fix the physical crude oil market to benefit their financial trading positions.
