NEW YORK Aug 29 A U.S. judge on Friday
dismissed nationwide antitrust litigation accusing banks and
commodity companies of conspiring to drive up aluminum prices by
reducing supply, causing damages for manufacturers and
The plaintiffs had accused Goldman Sachs Group Inc,
JPMorgan Chase & Co, the large mining company Glencore
Plc, and various commodity trading, metals mining and
metals warehousing companies of having conspired since May 2009
to drive up aluminum prices by hoarding supply. They said this
caused delays of up to 16 months to fill orders.
In an 85-page decision, U.S. District Judge Katherine
Forrest in Manhattan said that while it was clear that the
actions of various defendants affected the aluminum market,
there was no showing they intended to manipulate prices.
"As cast in the complaints, this was an unintended
consequence of rational profit maximizing behavior rather than
the product of conspiratorial design," she wrote.
Forrest said so-called commercial end user and consumer end
user plaintiffs could not try to amend their lawsuits because
they lacked antitrust standing. She said the other plaintiffs
deserved a chance to replead their cases.
(Reporting by Jonathan Stempel in New York; Editing by Lisa