Reuters: Regulatory News: Judge won't dismiss CFTC oil manipulation case

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Judge won't dismiss CFTC oil manipulation case Apr 26th 2012, 17:09 April 26 | Thu Apr 26, 2012 1:09pm EDT April 26 (Reuters) - The U.S. Commodity Futures Trading Commission's oil market manipulation lawsuit against Arcadia Petroleum and Parnon Energy will go ahead, after the presiding judge denied a motion to dismiss the case on Thursday. The CFTC brought what is one of the largest oil manipulation cases last May, accusing Arcadia and its affiliates, plus traders Nicholas Wildgoose and James Dyer, of attempting to manipulate the crude oil market in 2008. The CFTC said the traders made at least $50 million in the alleged trades. In denying the motion Judge William Pauley of the U.S. District Court for the Southern District of New York said the CFTC plausibly alleged that U.S. crude prices did not reflect basic forces of supply and demand at the time of the defendants' alleged trades.

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