A PYMNTS Company

US: Antitrust suit dismissed: A win for Goldman, JPMorgan, Glencore

By  |  January 10, 2016
Per a Reuters report, on Thursday, a US District Judge – Katherine Forrest dismissed the antitrust lawsuit against Wall Street Biggies – The Goldman Sachs Group and JPMorgan Chase  and Switzerland-based Glencore plc. The firms were accused by zinc purchasers for hoarding zinc and the artificial rise in the metal’s price.
The three companies were accused by a class of purchasers that since May 2010 they conspired to create artificial shortages of zinc in the US, driving the price of the metal up.
However, the judge concluded, the purchasers did not succeed in proving that rise in zinc prices was due to “plausible antitrust violation” under the Sherman Act, a federal antitrust law. Therefore, the suit was dismissed.

Full content: Reuters

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.