US oil case to be heard in New York

A US judicial panel has decided that the consolidated lawsuits by US trading firms against oil majors BP, Shell and Statoil will be heard in the Southern District of New York. Around 10 plaintiffs sued the firms earlier in the year for alleged manipulation of oil prices. “The New York Mercantile Exchange, one of the two exchanges on which Brent Crude oil futures contracts are traded, is located in the district, as is Platts, the entity to which, according to plaintiffs, defendants intentionally reported false bid, offer, and transaction information,” said the US Judicial Panel on Multidistrict Litigation when explaining its decision.