Tag: lawsuit

Lawsuit over alleged manipulation of crude-oil prices in 2008 re Fredriksen's Farahead Holdings U.S. regulators' lawsuit over alleged manipulation of crude-oil prices in 2008 has shone a spotlight on a shipping tycoon whose risky bets, shrewd investments and buccaneering style have made him Norway's richest man.John Fredriksen owns the trading companies at the center of a civil action brought this past week by the Commodity Futures Trading Commission. The case brings fresh scrutiny to a businessman with the reputation of a maverick, business interests ranging from oil rigs to fish farms, and an estimated net worth of 6.2 billion, or $10.2 billion, that put him at No. 7 in a recent Sunday Times' list of richest U.K. residents.The CFTC sued two traders and the companies they worked for, Arcadia Energy (Suisse) SA and its Parnon Energy Inc. affiliate, alleging that in 2008 they amassed and sold off a substantial position in physical crude oil to "manipulate future prices." The companies are controlled by Mr. Fredriksen's Farahead Holdings, of Cyprus.Mr. Fredriksen declined a request for comment. In an interview with the Norwegian newspaper Dagens Næringsliv he dismissed the charges, saying "It's what happens in an oil marketbuying and selling oil. We ...

He was thrown overboard while participating in a man overboard training drill A seaman has filed a lawsuit against BP after he was thrown overboard while participating in a man overboard training drill.James G. Young, II filed suit against BP Exploration & Production Inc. and Danos & Curole Marine Contractors on March 25 in Lafourche Parish District Court. The defendants removed the case to federal court in New Orleans on April 28.Young was employed as a marine operation technician aboard the Thunder Horse PDQ and was assigned to a fleet of vessels including 60 to 80 passenger lifeboats and a fast response craft. On April 3, 2010, Young was participating in a man overboard training drill while aboard the fast response craft.According to the lawsuit, the craft was only designed to hold three people but on the day of the accident, four members of the marine department were aboard. Young states he was required to stand in the vessel and hold onto a railing attached to the center console. During the drill, the vessel was turned into a wave and the vessel was struck by a wave, throwing Young overboard. Young states he injured his right shoulder during the accident.The ...

Lawsuit against BP Cruise operator Carnival Corp has filed a lawsuit against BP Plc and other companies seeking damages that resulted from the biggest oil spill in U.S. history.The lawsuit, filed on April 20 in U.S. District Court in New Orleans, also named Cameron International Corp, Transocean Ltd, and Halliburton Co, along with several others.Carnival said it lost bookings and revenues for cruises in the Gulf of Mexico from ports in Florida, Alabama, Texas and Louisiana. It is seeking unspecified economic and compensatory damages with interest, the costs of litigation, and punitive damages.Carnival is suing all defendants for negligence and Cameron specifically for allegedly designing and manufacturing a defective blowout preventer.It is also suing BP, Transocean, and Halliburton for fraudulent concealment of material facts about the spill. BP "did not provide complete and timely announcements and warnings about the severity, forecast and trajectory of the oil spill," the complaint said. Transocean owned the Deepwater Horizon oil rig and Halliburton manufactured the cement used to seal the well.The cruise operator filed the 26-page lawsuit in the same court where hundreds of other lawsuits against BP and its partners have been consolidated. A federal judge has set a trial date of February ...

Lower salaries to non-Danish European nationals Two Polish seafarers are taking the Danish government to court over the legality of paying lower salaries to non-Danish European nationals on Danish national and second register ships, in a move that unions hope will put a stop to the practice.Success could open the way for a class action on behalf of an estimated 1,200 Poles and several hundred men and women from the Baltic states who are currently in a similar situation, said Henrik Berlau of the Fagligt Fælles Forbund union centre.Source: Safety4Sea