LME, banks facing second zinc lawsuit

Jun 19, 2014 | 03:27 PM | Daniel Fitzgerald

Tags  London Metal Exchange, LME, Goldman Sachs, lawsuit, JPMorgan Chase, Trafigura Beheer, Glencore, zinc prices warehousing

NEW YORK — Three steel and wire manufacturers have filed a class-action lawsuit against the London Metal Exchange, Goldman Sachs Group Inc., Glencore Plc, JPMorgan Chase & Co., Trafigura Beheer BV and their respective warehousing units alleging conspiracy "to manipulate global warehouse supplies of zinc."

Oklahoma Steel & Wire Co. Inc., Iowa Steel & Wire Co. and Southwestern Wire Inc. filed the complaint June 13 in U.S. District Court in New York.

The move follows similar action by Everett, Mass.-based Duncan Galvanizing Corp., which filed a lawsuit last month alleging anti-competitive and monopolistic behavior in the warehousing market in connection with zinc prices (amm.com, May 27). ....

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