Fresh Antitrust Suit v. JP Morgan Chase Over Copper

Law360, New York (April 20, 2006, 12:00 AM EDT) -- Investment bank J.P. Morgan Chase & Co. has been hit with a federal antitrust lawsuit for its alleged role in the price-fixing scheme that wildly inflated the commodity’s value in the 1990s.

The bank is accused of conspiring with Tokyo-based Sumitomo Corp., the third-largest trading company in Japan, to artificially withdraw copper supply from the U.S. market, thus forcing the defendants to pay supracompetitive prices for their primary raw material.

The suit, filed in the U.S. District Court for the Western District of Wisconsin, was brought...
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