Reynolds, Southwire file aluminium lawsuit vs banks, warehouses, traders

Reynolds Consumer Products and Southwire Co are suing Goldman Sachs & Co, Glencore, JPMorgan and warehouses they own or previously owned alleging a conspiracy to inflate the price of aluminium.

Documents filed to the US District Court for the southern District of New York allege that the defendants, which also include warehousing firms Access World, Henry Bath and Metro International Trade Services, conspired not to compete with each other, violated information barrier requirements, stockpiled primary aluminium in key warehouses that they controlled and created excessively long queues to unload physical aluminium. “These actions had the effect of reducing the amount of available aluminium on the...

Published

Andrea Hotter

August 04, 2016

04:11 GMT

New York