Friday, 27 March 2015 02:03
NEW YORK: A US judge on Thursday refused to dismiss antitrust litigation accusing a variety of Wall Street banks and commodity merchants of conspiring to drive up aluminum prices by reducing supply.
US District Judge Katherine Forrest in Manhattan said aluminum purchasers may pursue claims against several defendants, including affiliates of Goldman Sachs Group Inc , JPMorgan Chase & Co, mining company Glencore Plc and aluminum warehouse operators.
Purchasers had accused the defendants of colluding to raise banks’ trading profits and warehouse companies’ revenues, resulting in an increase in Platts Midwest Premium, a component used in setting aluminum prices.
Forrest had previously dismissed several non-US defendants because she lacked jurisdiction, as well as some parent companies of the defendants alleged to be more directly involved in a price-fixing conspiracy.
Copyright Reuters, 2015
