Goldman Sachs, LME face US lawsuit over aluminium warehousing

Goldman Sachs and the London Metal Exchange each plan to vigorously contest a lawsuit alleging anti-competitive behaviour in warehousing in connection with aluminium.

The class action lawsuit, filed by US firm Superior Extrusion, alleges that actions by the LME and Goldman Sachs have restricted aluminium supplies from warehouses in Detroit, and inflated US Midwest aluminium premiums.
Superior Extrusion claims that Goldman Sachs and its warehouse subsidiary, Metro International Trade Services, sought to raise the price of warehoused aluminium by deliberately seeking to slow up deliveries from its Detroit warehouses.

The case follows a barrage of criticism against Goldman Sachs and...

Published

Andrea Hotter

August 05, 2013

03:24 GMT

New York