A U.S. judge has dismissed London Metal Exchange as a defendant from nationwide antitrust litigation accusing banks and commodity companies of conspiring to drive up aluminium prices, hurting manufacturers and purchasers.
The London Metal Exchange (LME) will keep its open-outcry trading ring, bucking a trend by most other markets to shift to all-electronic operations.
A lawsuit filed on Friday alleges that Goldman Sachs, JPMorgan, the London Metal Exchange and metal warehouse operators have conspired since 2010 to manipulate the price of zinc in the United States.
TD Securities, a unit of Toronto Dominion Bank, will consider applying for London Metal Exchange membership as it expands in industrial metals.
Jefferies Bache is to quit its presence on the London Metal Exchange's open outcry floor as it shifts its membership to category two or broker clearing member of the exchange, the LME said on Monday.
Goldman Sachs, which bought aluminum warehouse firm Metro International Trade Services in 2010, has received inquiries from potential buyers after the London Metal Exchange imposed new rules on how storage facilities operate, a person briefed on the matter said.
Confessions of a recruitment consultant.
JP Morgan was sued with Goldman Sachs over claims it restrained aluminum supplies and drove up prices.
Goldman Sachs and the London Metal Exchange are restraining aluminum supplies and driving up the metal’s price in violation of federal antitrust law, according to a lawsuit.
Hong Kong Exchanges and Clearing Limited (HKEx) and The London Metal Exchange (LME) announce today that Martin Abbott, HKEx’s Co-head of Global Markets and LME’s CEO, has tendered his resignation from the HKEx group.