jpmorgan sued with goldman

JPMorgan Sued With Goldman in Aluminum Antitrust Case

The complaint was filed by a Jacksonville, Florida, direct purchaser, Master Screens Inc., and by individual plaintiff Daniel Price Bart of Tallahassee, who is described in the filing as a “purchaser of beverages sold in aluminum cans.”

The banks and Glencore are accused in the complaint filed yesterday in federal court in Tallahassee of racketeering and conspiring with the London Metal Exchange, hoarding aluminum in Detroit-area warehouses and violating federal antitrust laws. Goldman Sachs was first sued over similar claims by a Michigan company on Aug. 1.

“By inserting itself into a healthy industry producing widely needed commodities, severely degrading functionality and widely distributing costs while itself benefiting, Goldman Sachs and JPMorgan couldn’t fit a more archetypal description of a parasite on the markets,” according to the Florida complaint.

http://www.bloomberg.com/news/2013-08-07/jpmorgan-sued-with-goldman-in-aluminum-antitrust-case.html

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