Goldman, LME Sued Over Aluminum Storage-Rate Scheme

Law360, New York (August 5, 2013, 2:51 PM EDT) -- A Michigan aluminum processor on Thursday filed a purported class action alleging that Goldman Sachs Group Inc. and the London Metal Exchange Ltd. used anti-competitive warehousing agreements to artificially inflate the costs of storing the key metal.

In a complaint filed in federal district court in Detroit, Superior Extrusion Inc. alleged that Goldman and the LME, the top exchange for global trading of industrial metals, entered into agreements between 2010 and 2013 that delayed the delivery of aluminum to end-users that produced, among other things, cans for drinks and drove up the overall price of warehousing the metal.

“Defendants have generated...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS