EU oil pricing probe spurs lawsuit against BP, others

A Chicago-based commodities trading firm has filed suit against three of the world’s largest oil companies, accusing them of colluding to fix oil prices after European authorities opened an investigation last week.

Prime International Trading, which trades crude oil and other commodities, filed the proposed class-action lawsuit against BP, Royal Dutch Shell and Statoil this week, accusing the firms of misreporting trades in North Sea Brent, the oil benchmark which sets the price of about 70 per cent of the world’s crude.

via Business feed http://www.scmp.com/business/companies/article/1244902/eu-oil-pricing-probe-spurs-lawsuit-against-bp-others