Goldman And BP Sued Over Energy Trading Fraud (GS, BP)

Goldman Sachs GS and BP Plc. BP have been sued over allegations of defrauding oil and gas producers. According to Reuters, several dozen oil and gas producers have contended that Goldman (GS) and BP (BP) conspired with SemGroup to defraud them for oil and gas delivered just before its bankruptcy. SemGroup was declared insolvent in 2008. The cases have been filed in Kansas and Oklahoma state courts. Two units of Chevron have also been named as defendants. None of the companies responded to requests for comment. The lawsuits have alleged that Goldman Sachs took an unfair advantage of its position as a SemGroup banker, lender and trading partner. The lawsuits state, “through their various relationships with ... SemGroup, J. Aron and Goldman Sachs gained access to confidential financial information, which J. Aron then used to its own advantage."