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US: Aluminum price-fixing cases given to New York

 |  December 17, 2013

As more than 26 lawsuits are accusing Goldman Sachs Group, JPMorgan Chase & Co., their warehousing operations and the London Metal Exchange of manipulating aluminum supplies and prices, reports say the cases will be heard in New York following debate as to where they should land.

Most lawsuits were filed in Detroit, though other cases were filed in New Orleans, Los Angeles and New York. The US Judicial Panel on Multidistrict Litigation in Las Vegas announced its decision on Monday to have the cases heard in New York.

The judges decided that, among other reasons, New York is suitable as both JPMorgan and Goldman Sachs are based in the state. US District Judge Katherine B. Forrest in Manhattan was assigned the case.

The lawsuits claim that the banks, the LME and the warehouse companies conspired to manipulate and hoard aluminum supplies to fix prices in violation of national antitrust law.

Full Content: Bloomberg

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