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US/UK: New suits filed in aluminum price-fixing conflict

 |  September 18, 2013

Goldman Sachs Group and the London Metal Exchange are the subject of yet another lawsuit alleging the companies conspired to fix aluminum prices and manipulate stock supplies, according to reports.

The lawsuit is the latest in a string of cases alleging the firms monopolized domestic aluminum supplies as they entered the business of warehousing metals.

Goldman, LME and subsidiaries GS Power Holdings LLC, as well as warehousing firm Metro International Trade Services were named in the class action, as well as up to 50 “unnamed co-conspirators.”

The suit, filed by aluminum extruder Talan Products, claims the defendants conspired to manipulate the aluminum market since at least February of 2010.

A spokesperson for Goldman said they will contest the suit, which they say is “without merit.”

Full Content: AMM

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