PHILADELPHIA, June 12, 2017: Morgan Lewis secured a complete dismissal for Shell Trading and Shipping Company Limited (STASCO) and Shell Trading (US) Company (STUSCO) in significant multidistrict litigation consolidating 15 class actions in the Southern District of New York on June 8.
The putative class actions were brought by future and derivatives traders and a putative class of owners of landholding and lease-holding interests in US oil-producing property who alleged Sherman Act and Commodity Exchange Act (CEA) violations arising out of alleged collusive manipulation of Platts’s assessment for Brent crude oil in the North Sea, which the plaintiffs allege is used by market participants to price and settle long-term spot contracts and derivative contracts traded on ICE and NYMEX.
The Morgan Lewis team was led by partner Steve Reed, with support from partners Brendan Fee, Willard Tom, and Clay Everett; senior counsel Joe Fay; and associate Amy Dudash.