By Andrew Longstreth
NEW YORK (Reuters) - A lawsuit filed on Friday alleges that Goldman Sachs Group Inc
The lawsuit, filed in the Southern District of New York, also names as defendants the mining and commodities trading group Glencore Xstrata
The lawsuit, which seeks class action status, echoes the allegations made in previously filed lawsuits over alleged manipulation of the aluminum market in the United States.
It claims the defendants used a variety of means to restrain trade in zinc, including by manipulating LME rules to ensure long queues for metals and shuttling zinc between warehouses for no reason other than to "cause and exacerbate anticompetitive effects."
Like aluminum, physical prices of zinc have soared in recent years due to the queues, causing extra costs to users, such as galvanizers.
London Metal Exchange warehouses in New Orleans hold 80 percent of the zinc in the exchange-registered stockpile. Pacorini operates most of the sheds in that port city.
JPMorgan and Glencore declined to comment on the lawsuit. A spokesman for Goldman Sachs said it intended to "vigorously contest the suit."
LME did not respond to a request for comment.
The lawsuit was filed by Duncan Galvanizing Corp of Everett, Massachusetts.
Duncan Galvanizing did not return a call and an email asking for comment.
The case is Duncan Galvanizing Corp v. The London Metal Exchange, et al, U.S. District Court, Southern District of New York, No. 14-03728.
(Reporting by Andrew Longstreth and Josephine Mason; Editing by Mohammad Zargham)
Relacionados
- 1-3. Un Brasil fuera de forma debuta con derrota en casa ante potente Italia
- España no puede con Montenegro ante un pabellón de Coslada abarrotado
- Ibaka evoluciona favorablemente y podría jugar con Thunder ante Spurs
- El mexicano González expone su título pluma del CMB ante el guyanés Atwell
- Kerry dispuesto a comparecer ante Congreso EEUU para testificar sobre Bengasi
