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BP, Shell, Morgan Stanley seek end of oil price-fixing lawsuit

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Extracts from a Reuters article by Jonathan Stempel published Tuesday 29 July 2014

(Reuters) – BP Plc, Royal Dutch Shell Plc, Morgan Stanley and other companies urged a U.S. judge to dismiss nationwide litigation claiming they conspired for 12 years to fix prices of Brent crude oil, a benchmark for the cost of gasoline and heating oil.

In papers filed on Monday night in U.S. District Court in Manhattan, the defendants said there was no evidence they colluded to manipulate spot prices or intended to do so, in violation of U.S. commodity and antitrust laws.

They also said that because the alleged manipulation took place outside the United States and was governed by foreign law, U.S. courts had no authority to handle the case to begin with.

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