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Judges to rule on bundling antitrust suits vs. LME, Goldman

Keywords: Tags  London Metal Exchange, Goldman Sachs Group, antitrust lawsuits, Judicial Panel on Multidistrict Litigation, LME, Andrea Hotter

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.

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