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Second Circuit affirms dismissal of Brent Crude manipulation case

( August 29, 2019, 22:31 GMT | Official Statement) -- MLex Summary: The US Court of Appeals for the Second Circuit affirmed the dismissal of antitrust claims accusing oil companies and others of manipulating Brent Crude prices. The panel said that plaintiffs lack standing because they did not engage in the physical market for Brent crude oil and the operative pricing benchmark for Brent futures and derivative products is the ICE Brent Index, not the Dated Brent Assessment, which is the benchmark for the related market. “Plaintiffs could not have suffered an antitrust injury if they dealt in products that were not linked to the benchmark they complain of, for they would not be a 'participant in the very market that is directly restrained,' " the order said.See document below....

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