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...
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