Company Accused of Stockpiling, Artificially Inflating Prices
October 10, 2013
Important Information
Attorneys working with ClassAction.org are no longer investigating this matter. The information here is for reference only. A list of open investigations and lawsuits can be viewed here.
At A Glance
- This Alert Affects
- Direct purchasers of aluminum.
- Damages
- These purchasers may be entitled to monetary damages.
- Company(ies)
- Goldman Sachs Corp Inc, Metro International Trade Services Ltd, London Metal Exchange
- Date
- Alleged monopolizing may have begun in or around February 2010.
In 2010 Goldman Sachs purchased Metro International. It is alleged that around this time the company began storing large amounts of aluminum, imported to the U.S. through London Metal Exchange, and stockpiling the metal to create a demand and inflate prices. According to court documents, the company at one point controlled around 80% of all LME-approved aluminum, and coordinated deliberate delays, cancellations and purchases to restrict the amount available to fabricant processors and other users. It has been alleged that these anticompetitive practices amount to an attempted monopoly, in violation of the Sherman Act.
Antitrust Action Against Goldman Sachs Filed
Those who purchased aluminum in the class period – February 2010 until present – may have legal recourse. Lawsuits are now being filed accusing the company of illegally controlling the price of aluminum through warehousing and other means that damaged the U.S.’ $40 billion aluminum industry. If you are a direct purchaser of aluminum, you may be able to seek compensation.
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