A PYMNTS Company

US: Fate of price-fixing lawsuits against Goldman to be decided December

 |  October 16, 2013

A panel of federal judges decided on a date of December 5 of this year to hear arguments and decide whether a group of more than a dozen lawsuits against Goldman Sachs Group regarding their aluminum supplies should be consolidated.

The lawsuits claims Goldman and other bodies fixed aluminum prices by hoarding aluminum in warehouses; about 17 cases have been filed regarding the matter in various US states.

The first such complaint against Goldman also named Metro International Trade Services warehousing firm as well as the London Metal Exchange as defendants. The suit was filed last August.

In the original August 7 filing, plaintiff Superior Extrusion said the plaintiffs are seeking treble damages “on behalf of a nationwide class of aluminum purchasers.”

Allegations accuse the defendants of withholding aluminum supplies amounting to 1.5 million tons, causing shipping delays of up to 16 months.

Full content: Bloomberg

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