Mercuria Sues Exchange Over ‘Hundreds of Millions’ of Losses

Mercuria Energy Group Ltd. is suing the Baltic Exchange over the alleged distortion of a key benchmark for the cost of shipping oil from the Middle East.

The commodity trading house has filed a claim in London’s High Court against Baltic Exchange Information Services Ltd., a unit of the exchange that oversees its benchmarks. The case concerns the calculation of the rate to ship oil from the Middle East to China, known as TD3C, according to a copy of the claim form seen by Bloomberg News.