According to the plaintiffs (now Petitioners), the defendants in Atlantic Trading v. BP LLC. manipulated the spot price of brent crude oil by submitting false data on oil transactions to a price reporting service in London. That in turn distorted the price for brent crude on U.S. futures markets. The ultimate goal of their scheme was to manipulate the U.S. futures prices and trade off those prices. They succeeded, and a number of traders harmed by the scheme filed suit in the U.S. District Court for the Southern District of New York, which dismissed their claims. On appeal, the U.S. Court of Appeals for the Second Circuit affirmed, leaving those who suffered damages from the scheme without a remedy. In our amicus brief, we urge the Supreme Court to reveiw the Second Circuit’s flawed decision. Read the full brief here or click the button below.
April 17, 2020
Better Markets’ Amicus Brief in Atlantic Trading v. BP P.L.C