Sullivan & Cromwell represented BP P.L.C, BP America, Inc. and BP Corporation North America, Inc. Kirby McInerney LLP represented the plaintiffs. Morgan, Lewis & Bockius LLP represented Shell International Trading and Shipping Company Limited. Wilmer Culter Pickering Hale and Dorr LLP represented Statoil ASA.
The U.S. Court of Appeals for the Second Circuit affirmed the dismissal of derivatives traders’ antitrust and Commodity Exchange Act claims against BP over alleged manipulation of North Sea Brent crude oil in Europe that plaintiffs claimed affected domestic derivatives prices. In its August 29 ruling in Prime International Trading Ltd. v. BP, et al., a unanimous panel held that the CEA claims were impermissibly extraterritorial, even though some of the plaintiffs’ derivatives trades allegedly occurred in the United States, because the alleged misconduct by defendants was exclusively foreign. The Court also concluded that plaintiffs failed to show antitrust injury because they did not participate in either of the allegedly restrained markets.
Kirby McInerney LLP represented the plaintiffs. The team was led by David E. Kovel and M. McNeela.
Morgan, Lewis & Bockius LLP represented Shell International Trading and Shipping Company Limited. The team was led by David B. Salmons, Steven A. Reed, R. Brendan Fee, Michael E. Kenneally.
Wilmer Culter Pickering Hale and Dorr LLP represented Statoil ASA. The team was led by Perry A. Lange and David S. Lesser.
The S&C team was led by litigation partners Richard C. Pepperman (Picture) and Amanda Davidoff as well as associate Austin Raynor.
Involved fees earner: David Kovel – Kirby McInerney LLP; Andrew McNeela – Kirby McInerney LLP; Brendan Fee – Morgan Lewis; Michael Kenneally – Morgan Lewis; Steven Reed – Morgan Lewis; David Salmons – Morgan Lewis; Amanda Flug Davidoff – Sullivan & Cromwell; Richard C. Pepperman II – Sullivan & Cromwell; Austin Raynor – Sullivan & Cromwell; Perry Lange – WilmerHale; David Lesser – WilmerHale;
Clients: Atlantic Trading USA; BP Plc; Devivo John; Equinor ASA (former Statoil ASA); Insinga Anthony; Laurens Xavier; McDonnel Kevin; Michiels Robert; Port 22, LLC; Prime International Trading, LTD; Schindler Aaron; Shell International Trading and Shipping Company Limited; Taylor Neil; White Oaks Fund LP;