Superior files suit vs. Goldman, Metro, LME

Aug 02, 2013 | 07:09 PM | Michael Cowden

Tags  Superior Extrusion, Goldman Sachs, Metro International, London Metal Exchange, LME, LME warehouses, Midwest premium, aluminum prices lawsuit

CHICAGO — Superior Extrusion Inc. has filed a class-action lawsuit against Goldman Sachs Group Inc., Metro International Trade Services LLC, the London Metal Exchange and others, alleging that they conspired to inflate aluminum prices and premiums in violation of U.S. antitrust laws.

The Gwinn, Mich.-based aluminum extruder and other aluminum consumers suffered economic damages because the New York-based bank and the LME combined, conspired or agreed to restrain aluminum supplies in LME-listed warehouses in Detroit and inflated prices, including the Midwest premium, it said.

The class for the lawsuit, potentially tallying into the hundreds, includes anyone who purchased aluminum from Feb. 1, 2010, onward with pricing terms based on the Midwest premium, Superior Extrusion said.

The company wants a jury trial, unspecified damages, and reimbursement of attorney fees and other expenses, as well as a court finding that the defendants’ practices are unlawful.....

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