Goldman, JPMorgan sued over zinc price rigging

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A lawsuit filed on Friday alleges that Goldman Sachs, JPMorgan, the London Metal Exchange and metal warehouse operators have conspired since 2010 to manipulate the price of zinc in the United States.

Reuters reports that the lawsuit, filed in the Southern District of New York, also names as defendants the mining and commodities trading group Glencore Xstrata and its Pacorini Metals USA LLC unit. Metro International Trade Services, the metal warehousing of Goldman Sachs, is also named a defendant.

The lawsuit, which seeks class action status, echoes the allegations made in previously filed lawsuits over alleged manipulation of the aluminium 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'.

To access the complete Reuters article hit the link below:

Goldman, JPMorgan sued over zinc prices

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