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PRIME INTERN. TRADING, LTD. v. BP P.L.C.

No. 17-2233 August Term 2018.

937 F.3d 94 (2019)

PRIME INTERNATIONAL TRADING, LTD., White Oaks Fund LP, Kevin McDonnell, Anthony Insinga, Robert Michiels, John Devivo, Neil Taylor, Aaron Schindler, Port 22, LLC, Atlantic Trading USA, LLC, and Xavier Laurens, Plaintiffs-Appellants, v. BP P.L.C., Trafigura Beheer B.V., Trafigura AG, Phibro Trading L.L.C., Vitol S.A., Mercuria Energy Trading S.A., Hess Energy Trading Company, LLC, Statoil US Holdings Inc., Shell Trading US Company, BP America, Inc., Vitol, Inc., BP Corporation North America, Inc., Mercuria Energy Trading, Inc., Morgan Stanley Capital Group Inc., Phibro Commodities Ltd., Shell International Trading and Shipping Company Limited, Statoil ASA, and Royal Dutch Shell PLC, Defendants-Appellees.

United States Court of Appeals, Second Circuit.

Decided: August 29, 2019.

Attorney(s) appearing for the Case

David E. Kovel ( Andrew M. McNeela on the brief), Kirby McInerney LLP, New York, NY, for Plaintiffs-Appellants.

Richard C. Pepperman ( Daryl Libow , Amanda Davidoff , Austin L. Raynor on the brief), Sullivan & Cromwell LLP, New York, NY for Defendants-Appellees BP PLC, BP America, Inc. and BP Corporation North America, Inc.

David B. Salmons ( Steven A. Reed , R. Brenda Fee , Michael E. Kenneally , on the brief) Morgan, Lewis & Bockius LLP, Philadelphia, PA for Defendant-Appellee Shell International Trading and Shipping Company Limited.

Perry A. Lange ( David S. Lesser on the brief) Wilmer Cutler Pickering Hale and Dorr LLP, Washington, DC for Defendant-Appellee Statoil ASA.

Before: Jacobs, Sullivan, Circuit Judges, and Korman, District Judge

This appeal requires us to decide whether alleged misconduct tied to the trading of crude oil extracted from Europe's North Sea constitutes an impermissibly extraterritorial application of the Commodity Exchange Act. For the reasons set forth below, we find that it does, and therefore affirm the dismissal of Plaintiffs...

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