IMPORTANT UPDATE:

On November 25, 2020, the Settlement Administrator commenced the initial distribution of the Net Settlement Fund to eligible claimants pursuant to the Court's Distribution Order.

The information contained on this web page is only a summary of information presented in more detail in the Notice of Proposed Class Action Settlement, October 9, 2015 Hearing Thereon, And Settlement Class Members’ Rights (the “Notice”), which you can access by clicking here.  Since this website is just a summary, you should review the Notice and Settlement Agreement for additional details.

Your Legal Rights Could Be Affected Whether You Act Or Do Not Act.  Please read the Notice carefully.

IF YOU PURCHASED OR SOLD CERTAIN NYMEX OR ICE WTI CRUDE OIL FUTURES CONTRACTS OR OPTION CONTRACTS ON SUCH FUTURES CONTRACTS DURING JANUARY 1 THROUGH MAY 15, 2008, INCLUSIVE, (THE “CLASS PERIOD”), YOU MAY BE ENTITLED TO A PAYMENT FROM A CLASS ACTION SETTLEMENT.

What is this case about?

            Plaintiffs allege that the Defendants, between January 1 and May 15, 2008, manipulated the prices of NYMEX and ICE WTI crude oil futures contracts (and option contracts on such futures contracts) in violation of the CEA and monopolized the market for certain WTI crude oil in violation of the Sherman Act. They allegedly did so by multiple steps. These steps include allegedly establishing dominant positions in the WTI crude oil forward market and selling large amounts of WTI crude oil in the forward market on the last day of the “cash window” in January, March and April 2008. The Plaintiffs contend that the foregoing conduct caused them and others similarly situated to pay artificial prices for NYMEX and/or ICE WTI futures contracts and option contracts on such futures contracts.

            Absent a settlement, the Defendants would continue to vigorously oppose each and every aspect of the Plaintiffs’ claims and alleged damages. The Defendants have consistently and vigorously denied the Plaintiffs’ claims. By entering into the Settlement Agreement with the Plaintiffs, the Defendants do not admit and instead continue to deny that they engaged in any unlawful conduct, and/or that any member of the Settlement Class suffered compensable damages.

The Settlement Benefits

            Defendants have agreed to deposit $16,500,000 in an escrow account for the benefit of the Settlement Class no later than 10 business days after entry by the Court of the Scheduling Order. Together, the foregoing payment, plus all interest earned thereon, constitute the Settlement Fund.

           Settlement Class members should read the Plan of Allocation. Pursuant to the Plan of Allocation, Settlement Class members will be eligible to receive a share of the Net Settlement Fund, subject to the determinations of the Settlement Administrator and, if necessary, the Court. Under the Plan of Allocation, the amount of the payment will depend on, among other things, the size of the Net Settlement Fund, the size of the eligible Settlement Class member’s claim, and the total amount of claims of all eligible Settlement Class members. In the latter regard, Lead Counsel encourages you to review the Plan of Allocation and submit a Proof of Claim. The shares of Settlement Class members who do not submit a Proof of Claim will be redistributed to those Settlement Class members who do submit a proof of claim and do have Net Artificiality Paid and/or Net Losses as weighted under the Plan of Allocation.  A copy of the Plan of Allocation can be found here.

The Rights of Class Members

If you are a member of the Class, you have the following options:

Submit a Proof of Claim

As a member of the Settlement Class, you may be entitled to share in the Net Settlement Fund if you submit a valid and timely Proof of Claim demonstrating that you are entitled to a recovery under the Plan of Allocation. Proofs of Claim must be received by the Settlement Administrator no later than December 23, 2015. A copy of the Proof of Claim can be found here.

An important aspect of the Settlement is that the Defendants are not entitled to any reversion. Thus, shares of Settlement Class members who fail to file a Proof of Claim will be redistributed to Settlement Class members who do file Proofs of Claim and who do qualify for payment as described in the Plan of Allocation. Settlement Class members are encouraged to file Proofs of Claim.

Exclude yourself from the Settlement

If you are a member of the Class, but wish to exclude yourself from the Settlement Class, you must submit a written request for exclusion in accordance with the instructions set forth in the Notice, received no later than September 4, 2015.  A copy of the Request for Exclusion Form can be found here.

If you do not timely exclude yourself from the Settlement Class, you will be bound by any judgments or orders entered by the Court in the Action. If you are excluded from the Settlement Class, you will not be entitled to object to any aspect of the Settlement or share in the Settlement Fund or otherwise participate in the Settlement.

Object to the Settlement

Any objections to the proposed Settlement, Plan of Allocation, the application for attorneys’ fees and reimbursement of expenses or any other matter must be served on Lead Counsel and Defendants’ counsel in accordance with the instructions set forth in the Notice no later than September 18, 2015 and also must be filed with the Court no later than September 18, 2015.

The Court’s Settlement Hearing

            The Court has scheduled a public Fairness Hearing for December 17, 2015, at 3:00 p.m. to be held at the Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, New York, NY, Courtroom 15A. At the Fairness Hearing, the Court will determine if the proposed Settlement is fair, reasonable, and adequate. The Court will also consider Lead Counsel’s request for attorneys’ fees and reimbursement of litigation expenses.

            The time and date of the Fairness Hearing may be continued from time to time without further notice and you are advised to confirm the time and location if you wish to attend; as soon as practicable after any change in the scheduled date and time, such change will be posted on this Settlement website. Settlement Class members may enter an appearance through an attorney if they so desire.

Further Information:

            The information provided on this website and in the Notice summarizes the proposed Settlement. For more details regarding this Settlement, please reference the Stipulation and Agreement of Settlement, dated June 3, 2015, and other important documents filed in the case under the “Court Documents” link on the left.  You may also contact the Settlement Administrator or Lead Counsel for further information regarding this Settlement:

Settlement Administrator:

In re: Crude Oil Commodity Futures Litigation Settlement
c/o A.B. Data, Ltd.
PO Box 170500
Milwaukee, WI  53217-8091
866-828-2487
info@crudeoilfuturessettlement.com

Lead Counsel:

Christopher McGrath
LOVELL STEWART HALEBIAN JACOBSON LLP
61 Broadway, Suite 501
New York, New York  10006

Warren T. Burns
BURNS CHAREST LLP
500 North Akard, Suite 2810
Dallas, TX  75201

Commodities Brokers and other Nominees: Please visit the Institutional E-Filing page of this website

If you have questions, you may call the In re: Crude Oil Commodity Futures Litigation Help Line at 866-828-2487, or email info@crudeoilfuturessettlement.com.