Former Executives Sue Alta Trade for $1 Billion

Former executives Peter Bosworth and Colin Hurlei have filed a lawsuit against Alta Trade UK Ltd, seeking $1 billion in damages following a failed fraud trial. The lawsuit stems from a long-running legal battle that began in 2015 when Alta Trade, previously known as Arcadia, accused Bosworth and Hurlei of diverting oil trade profits, leading to alleged losses of $287 million.

However, a UK court dismissed the fraud claim in 2025, ruling that the executives acted honestly and in the best interests of the company. The legal team for Bosworth and Hurlei argues that the original case was based on weak grounds, citing a 2021 WhatsApp exchange involving John Fredriksen's daughter that suggested an intent to escalate actions beyond conventional legal measures.

The lawsuit follows a decade-long struggle that has pushed Alta Trade to the brink of financial collapse, with the executives contending that they made limited efforts to find alternative employment during the legal proceedings.