- Posted July 25, 2014 by
Plaintiffs’ Steering Committee Set Up and Law Firms Selected In Federal Aluminum Antitrust Litigation
More than Two Dozen Lawsuits Accusing Goldman Sachs Group Inc., JP Morgan Chase & Co., and Others of Constricting Aluminum Supplies and Driving Up Prices Are Pending in the Multidistrict Litigation Underway in U.S. District Court, Southern District of New York.
Plaintiffs in aluminum antitrust lawsuits nationwide now have a Plaintiffs’ Steering Committee for Direct Purchaser Plaintiffs in the aluminum antitrust Litigation now underway in U.S. District Court, Southern District of New York. According to court documents, more than two dozen lawsuits have been filed in the proceeding, all of which accuse Goldman Sachs Group Inc., JPMorgan Chase & Co., and other defendants of constricting aluminum supplies and driving up prices.
(In Re Aluminum Warehousing Antitrust Litigation, MDL No. 2481)
A Plaintiffs’ Steering Committee was created by U.S. District Judge Katherine B. Forrest via an Order dated March 6, 2014. According to court documents, the aluminum antitrust litigation was established in the Southern District of New York on December 16, 2013. The complaints filed in the litigation accuse Goldman Sachs, JP Morgan Chase and other defendants of racketeering and conspiring with the London Metal Exchange (LME) to hoard aluminum in Detroit-area warehouses in violation of federal antitrust laws and creating delays as long as 16-months in filling orders, which caused the manufacturers of aluminum-containing products to pay artificially high prices for the material. Plaintiffs also claim that warehouse operators shifted inventory from one site to another to satisfy output requirements without actually relinquishing control of aluminum stockpiles. Detroit is the second-biggest repository for aluminum stockpiles monitored by LME, the world’s largest industrial metals marketplace.
According to The Oliver Law Group who has been named to the PSC, multidistrict litigations, such as the proceeding established in the Southern District of New York for the aluminum antitrust lawsuits, are intended to facilitate the efficient prosecution of a large number of complex lawsuits that involve common questions of fact. All of the claims included in a multidistrict litigation are subject to coordinated pre-trial proceedings as a means of avoiding duplicative discovery and inconsistent court rulings, and to preserve the resources of the Court, parties and witnesses.