LME, Goldman sued over aluminum storage | Inquirer Business

LME, Goldman sued over aluminum storage

/ 01:10 PM August 05, 2013

HONG KONG — The London Metal Exchange and Goldman Sachs are being sued in a U.S. court over alleged “anti-competitive and monopolistic” behavior in aluminum storage.

The LME’s owner, Hong Kong Exchanges and Clearing Ltd., said in a statement late Sunday that it would fight the class-action lawsuit, which it said was without merit.

Wall Street banks are facing increased scrutiny of their involvement in businesses that store and transport commodities such as oil and aluminum.

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The lawsuit was filed Aug. 1 by lead plaintiff Superior Extrusion in U.S. District Court for the Eastern District of Michigan.

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Hong Kong Exchanges operates the southern Chinese city’s stock exchange.

Last year it bought the LME, which approves and licenses a network of more than 700 metal storage facilities in 36 countries.

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TAGS: Business, Construction & Property, stock exchange

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