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US: Lawsuit names Goldman Sachs, JPMorgan, Glencore in aluminum price-fixing case

By  |  August 7, 2013
US: Lawsuit names Goldman Sachs, JPMorgan, Glencore in aluminum price-fixing case

In the latest development of the case, JPMorgan has been named as a defendant in a lawsuit over allegations of aluminum price-fixing. Goldman Sachs Group and Glencore Xstrata are also being sued by an aluminum direct purchaser and another individual described in court documents as a “purchaser of beverages sold in aluminum cans.” The case, filed Tuesday in Tennessee, claims the companies horded aluminum in warehouses and conspiring with the London Metal Exchange. A company in Michigan sued Goldman Sachs last Monday in a similar case; in the aftermath, experts predicted more “follow-on” cases to emerge, such as this latest lawsuit. The complaint claims the parties are the “archetypal description of a parasite on the markets.” The plaintiffs are named as company Master Screens Inc. and Daniel Price Bart.

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