New antitrust suits target banks, LME
Nov 25, 2013 | 05:13 PM
| Michael Cowden
CHICAGO At least six antitrust lawsuits have been filed over the past monthand at least five in the past weekby aluminum users against big banks and the London Metal Exchange.
The lawsuitsall class action complaints demanding jury trialsallege that the exchange, scores of unnamed "John Doe's," and banks and trading companies that own aluminum warehousing facilities have conspired to constrain aluminum supplies, create artificially wide contangos and drive Midwest aluminum premiums higher.
The aluminum buyers, in allegations similar to cases filed since last summer (amm.com, Aug. 2), said such practices amount to price-fixing and violate U.S. antitrust laws. They demand reimbursement for alleged damages and compensation for attorney fees.
Companies named as defendants in the lawsuits either declined to comment or said they would defend the allegations.....
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