Simpson Thacher Secures Dismissal of Crude Oil Treasure Trading Class Action
04.30.24
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Simpson Thacher obtained the dismissal of a proposed class action for Firm client BOC International Holdings Limited (BOC International) in the Southern District of New York. The suit alleged that BOC International and its co-defendants colluded in an unlawful scheme to market Crude Oil Treasure, a derivative investment product, to the retail market in violation of the Commodity Exchange Act, among other laws and regulations.
On April 29, U.S. District Judge Lewis A. Kaplan granted the defendants’ motions to dismiss the complaint stating that the complaint contained insufficient allegations that were not specific to any of the named defendants. The Judge also stated that the allegations did not specify any fraudulent statements made by the defendants. The Plaintiffs’ requests for leave to amend the complaint were denied by the Judge as well.
The Simpson Thacher team representing BOC International included Jonathan Youngwood, Bryan Jin and Nicholas Cunha.