US: Goldman, JPMorgan sued in new metals fixing case

Goldman Sachs and JPMorgan Chase are facing a new lawsuit over metals price-fixing, this time over allegations of inflating zinc prices.

The banks, along with the London Metal Exchange and metal warehouse operators, have been sued for allegations of aluminum supply and price manipulation. But a lawsuit filed Friday named the same defendants, along with mining giant Glencore Xstrata and its Pacorini Metals unit, among others, accusing the parties of similar allegations in the zinc market.

According to reports, Duncan Galvanizing filed the suit in New York. The suit is seeking class action status.

To date, more than two dozen lawsuits have been filed over allegations of aluminum price-fixing, accusing the defendants of hoarding aluminum in warehouses to inflate prices within the US.

Full content: Reuters

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