NEW YORK The U.S. Judicial Panel on Multidistrict Litigation will decide whether to consolidate a number of lawsuits filed against Goldman Sachs Group Inc. and the London Metal Exchange at a Dec. 5 hearing in Las Vegas.
Aluminum consumer Superior Extrusion Inc. has asked to transfer lawsuits filed in Florida, Louisiana and Michigan to a U.S. District Court in eastern Michigan for coordinated or consolidated pretrial proceedings, the Washington-based panel, which is comprised of seven U.S. judges, said in a notice posted on its website.
New York-based Goldman Sachs and the LME are being sued by a number of companies and individuals for allegedly manipulating the aluminum market through price fixing and deliberately restraining the flow of material exiting LME-listed warehouses.
Both Goldman and the LME said the allegations are without merit and will be vigorously contested.
Gwinn, Mich.-based Superior Extrusion filed its lawsuit in Michigan. Separate lawsuits had been filed by Jacksonville, Fla.-based Master Screens Inc. in Florida and Reserve, La.-based River Parish Contractors Inc. in Louisiana.
The panel will also select the judge or judges and court assigned to conduct the proceedings.