U.S. COURT UPHOLDS APEX DECISION FAVORING NYMEX
  The U.S. Court of Appeals for the
  Second Circuit upheld a lower court decision dismissing a suit
  by Apex Oil Co against the New York Mercantile Exchange and
  several oil companies.
      The Court, however, ruled that Apex Oil could pursue
  anititrust and commodities market manipulation allegations
  against Belcher Oil Co, a unit of Coastal Corp &lt;CGP>.
      Apex Oil, primarily a trading company, charged that several
  companies, including Belcher, and NYMEX conspired to force it
  to deliver heating oil it had sold on the mercantile exchange,
  knowing Apex could not make full delivery.
     
      The NYMEX ordered Apex to deliver four mln barrels of
  heating oil sold via a February 1982 heating oil contract. Apex
  eventually fulfilled this obligation but claimed damages.
      Richard Wiener, attorney for Apex at Cadwalader Wickersham
  and Taft, said the company has not yet decided whether to
  pursue its case against Belcher Oil.
      The NYMEX, meanwhile, has a counterclaim pending against
  Apex Oil, seeking an unspecified amount of attorney's fees and
  15 mln dlrs in punitive damages, according to a NYMEX
  spokeswoman.
  

