Goldman Sachs hit with with unreasonable restraint of trade charge


Goldman Sachs and the London Metal Exchange are restraining aluminum supplies and driving up the metal’s price in violation of federal antitrust law, according to a lawsuit.

Bloomberg News reports that the suit, for which the aluminum products company Superior Extrusion seeks class-action status, was filed August 1 in federal court in Detroit.

'Through an interconnected series of agreements in unreasonable restraint of trade, Goldman and LME restrained approximately 1.5 million tons of aluminum in LME Detroit warehousing,' causing delays of as long as 16 months between customer orders and corresponding deliveries, Gwinn, Michigan-based Superior alleged.

Buyers in Michigan, Ohio, Illinois and elsewhere in the U.S. Midwest suffered harm in the form of inflated prices, according to the complaint. The plaintiffs asked for an order barring the practice and money damages tripled under U.S. antitrust law.

'We believe the suit is without merit and will contest it vigorously,' Michael DuVally, a spokesman for Goldman, said last week in a phone interview.

To access the full Bloomberg article hit the link below.

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