A PYMNTS Company

US: Citi slams aluminum hoarding claims, points to lawsuit flaws

By  |  August 19, 2013

Citigroup slammed the recent onslaught of price-fixing allegations against owners of warehouses that store aluminum including JP Morgan Chase, Goldman Sachs and Glencore Xstrata, pointing to what it saw as flawed claims. The firm’s director of metals research and strategy David Wilson said Monday that the use of the term “hoarding” is inaccurate because metal is not owned by a single entity and thus suggests a major collusive conspiracy between metal warehouse owners. Further, said Wilson, “aluminum is not scare globally.” Wilson also said the evidence to suggest aluminum prices have been inflated is scarce. So far, four class actions have been filed against warehouse company owners in the US, accusing the firms of monopolistic and anticompetitive business practices. Citigroup is not connected to any such lawsuits.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    Subscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Full Content: Nasdaq

    We’d love to be your preferred source for news.

    Please add us to your preferred sources list so our news, data and interviews show up in your feed. Thanks!

    Add as Preferred Source

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.