The U.S. Commodity Futures Trading Commission has reached an agreement in principle to settle its oil manipulation case against Arcadia Petroleum and Parnon Energy, taking a step closer to ending a high-profile, years-long lawsuit. The deal, coming almost three months after both sides entered mediation talks to settle the litigation, would prevent one of the most high-profile oil manipulation cases going to trial. The U.S. commodities derivatives regulator sued two well-known traders, James Dyer of Parnon Energy and Nick Wildgoose of Arcadia, and their firms with allegations they made $50 million by squeezing markets in 2008. Details of the settlement were not available as both sides hammer out details, a joint letter from the commodity derivatives regulator and the defendants said. "The parties need additional time to finalize the language of a proposed settlement agreement and to seek the approval of the full Commission to file the proposed settlement agreement with the Court,"
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