LAWSUITS NEWS & LEGAL INFORMATION
Marathon Oil
Houston, TX: (Aug-01-07) The Commodity Futures Trading Commission (CFTC) brought charges against Marathon Oil, alleging that the oil company manipulated the price for West Texas Intermediate (WTI) crude oil back in November 2003. The CFTC alleged that the manipulation took place during the "Platts window," a 30-minute period at the end of the trading day during which Platts, an energy industry publishing firm, assesses the market to create a price used widely to set prices of crude oil in certain domestic and foreign transactions. The charges claimed that Marathon attempted to influence downward the Platts market assessment for WTI by essentially selling oil at below market prices.
In a settlement reached, Marathon did not admit to or deny any wrongdoing, but agreed to pay $1 million to settle the Commodity Futures Trading Commission's allegations. Marathon stated that its decision to settle was based on a number of factors, including the desire to avoid the expense and distraction of prolonged litigation. [HOUSTON CHRONICLE: OIL PRICE MANIPULATION]
Published on Aug-3-07
In a settlement reached, Marathon did not admit to or deny any wrongdoing, but agreed to pay $1 million to settle the Commodity Futures Trading Commission's allegations. Marathon stated that its decision to settle was based on a number of factors, including the desire to avoid the expense and distraction of prolonged litigation. [
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