Opinion ID: 490525
Heading Depth: 1
Heading Rank: 3

Heading: the claims alleged

Text: 19 The gravamen of Apex's claims is that the defendants conspired to squeeze Apex: the long defendants, DiMauro, TIC, and Triad did so by manipulating the market; Raber and the Exchange by assisting or failing to prevent the other defendants from manipulating the market. The amended complaint asserts eight claims for relief, which can be placed into four categories. 20 1. Antitrust Conspiracy. Apex alleges four Sherman Act claims; treble damages are requested. Three claims allege violations of section 1 of the Act and one alleges a violation of section 2. See 15 U.S.C. Secs. 1, 2. 21 The first claim asserts that the long defendants and the exchange defendants conspired to nominate for early delivery in violation of section 1 of the Act. The early nominations allegedly enabled the long defendants to manipulate, raise, maintain, stabilize and/or fix the price of No. 2 Heating Oil by creating an artificial shortage. Amended Complaint paragraphs 46-52; see 15 U.S.C. Sec. 1. 22 The second claim alleges that the long defendants conspired to refuse to deal with Apex by refusing to sell No. 2 oil to Apex, thereby weakening Apex's position as a competitor and creating an artificially high price for the oil. Amended Complaint paragraphs 53-59; see 15 U.S.C. Sec. 1. 23 The third claim asserts that the long defendants conspired to prevent other sources of No. 2 oil from supplying it to Apex, thereby artificially raising the price for the oil. Amended Complaint paragraphs 60-64; see 15 U.S.C. Sec. 1. 24 The fourth claim alleges that the long defendants conspired to monopolize the wet market for No. 2 oil available for delivery in New York Harbor during early February 1982, thereby causing Apex to pay artificially high prices for such oil. Complaint paragraphs 65-69; see 15 U.S.C. Sec. 2. 25 2. Commodities Manipulation. The fifth claim in the amended complaint alleges that the long defendants violated sections 9(b) and 13(a) of the Commodity Exchange Act (CEA) by manipulating the price of oil and that all the defendants violated the CEA by spreading false reports about Apex. Amended Complaint paragraphs 70-79; see 7 U.S.C. Secs. 13(b), 13c(a). This claim apparently has been abandoned with respect to the Exchange defendants. 26 3. Failure to Regulate. The seventh claim in the amended complaint asserts that the exchange defendants failed to regulate properly the activities of brokers, traders and others with respect to the trading and delivery of oil during the period in question, thus violating the CEA and regulations thereunder. Amended Complaint paragraphs 86-91; see 7 U.S.C. Secs. 7(d), 7a(8). 27 4. Fraud. The sixth claim alleges fraud under the Commodity Exchange Act, see 7 U.S.C. Secs. 6b, 13c(a), and the eighth claim alleges common law fraud by the long defendants. Amended Complaint paragraphs 80-85, 92-97. 28 Discovery on all the claims having been completed, all the defendants moved for summary judgment dismissing all the claims. The district court granted the motions and entered judgment dismissing the amended complaint. See Apex Oil Co. v. DiMauro, 641 F.Supp. 1246 (S.D.N.Y.1986). 29 We affirm in part, reverse in part and remand.