Goldman, LME are co-defendants in class-action suit


A class action lawsuit has been filed against Goldman Sachs (GS) and the London Metal Exchange alleging antitrust violations in connection with the firms' aluminum warehousing practices. (full complaint)

Superior Extrusion, a maker of extruded aluminum products, is the lead plaintiff.

Both Goldman and the LME say the suit has no merit.

This is the latest setback for Goldman as it tries to defend itself against allegations its aluminum warehousing activities have played a role in creating long waits for the metal and driving up prices for consumers. (previous coverage)

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Comments (3)
  • Ninja Trader
    , contributor
    Comments (1648) | Send Message
     
    Jail time instead of fines will make 'em think twice about doing stuff like this again.
    4 Aug 2013, 11:45 PM Reply Like
  • ReligiousWacko
    , contributor
    Comments (1787) | Send Message
     
    Penalties are probably civil. I would favor something like 100x whatever profits were made and firm's bonus pool for a year.
    5 Aug 2013, 01:17 AM Reply Like
  • KJP712
    , contributor
    Comments (462) | Send Message
     
    Goldman should make the warehouses into REITs.There would be more un-employed lawyers if not for Goldman cases.At some point all of these lawsuits are just noise with billing hours attached.
    5 Aug 2013, 12:15 AM Reply Like
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