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Goldman Sachs , JPMorgan seek dismissal of aluminium price-fixing lawsuits

Goldman Sachs , JPMorgan seek dismissal of aluminium price-fixing lawsuits

Goldman Sachs Group Inc (>> Goldman Sachs Group Inc), JPMorgan Chase & Co (>> JPMorgan Chase & Co.), the London Metal Exchange and warehouse operators want a judge to throw out lawsuits saying that from May 2009 they conspired to reduce the supply and increase the price of aluminium.

Goldman Sachs Group Inc (>> Goldman Sachs Group Inc), JPMorgan Chase & Co (>> JPMorgan Chase & Co.), the London Metal Exchange and warehouse operators want a judge to throw out lawsuits saying that from May 2009 they conspired to reduce the supply and increase the price of aluminium.

They argued in New York federal court motions late on Tuesday that commercial buyers of aluminium and consumers who purchased aluminium-based products lacked standing to sue under antitrust law because they did not store metal in the defendants’ warehouses or trade on the LME.

The lawsuits said that the defendants conspired to delay the delivery of aluminium from certain warehouses, allowing the LME and the financial firms to profit.

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