US: Glencore wants out of aluminum lawsuit

One of the world’s largest mining companies filed a motion late Monday to exit a nationwide lawsuit accusing the company and other conglomerates of manipulating aluminum prices.

According to reports, Glencore, based in Switzerland, said it has only minimal contacts in jurisdictions in which alleged collusion occurred. Further, Glencore said it does not even do business in the jurisdictions, which include California, New York and Michigan.

The company also argued that it never bought or sold physical aluminum or London Metal Exchange warrants or futures.

The LME, along with Goldman Sachs, JPMorgan, Glencore and warehousing operations are accused of colluding to hoard aluminum stockpiles in warehouses to manipulate prices of the metal since May 2009.

Two of Glencore’s warehouses did not join the mining company in its motion to exit the case.

The suit was filed by direct purchasers, commercial- and consumer-end plaintiffs, flashlight manufacturer Mag Instrument, and others.

Full content: Reuters

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