Judge dismisses antitrust claims in aluminium price hike case

Gavel

Goldman Sachs, JPMorgan Chase, Glencore and other firms won dismissal of lawsuits accusing them of restricting aluminum supplies in a conspiracy to drive up prices.

Bloomberg News reports that U.S. District Judge Katherine B. Forrest threw out the antitrust claims by buyers of aluminum and aluminum products, finding their complaints don’t add up to a persuasive case that the defendants acted together to increase prices.

'Frankly put, the economics of the alleged conspiracy as pled do not work,' Forrest said in her written opinion. 'The allegations tell a story consistent with market-driven behavior by traders and warehouses rather than unlawful conspiracy.'

Forrest also ruled that a group of commercial and consumer end-users of aluminum lacked the legal standing to make their antitrust claims, saying they can’t refile them. She gave the other buyers of the metal in the case permission to try to file new complaints within 21 days.

Hit the link below to access the complete Bloomberg News article:

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