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MarketScreener Homepage  >  Equities  >  Nyse  >  Goldman Sachs Group Inc.    GS

GOLDMAN SACHS GROUP INC.

(GS)
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Goldman, JPMorgan seek dismissal of aluminium price-fixing lawsuits

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04/23/2014 | 02:28pm EST
A view of the Goldman Sachs stall on the floor of the New York Stock Exchange

NEW YORK (Reuters) - 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.

NEW YORK (Reuters) - 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.

One of the plaintiff's lawyers, Christopher Lovell of Lovell Stewart Halebian Jacobson, could not immediately be reached to comment on the defendants' motion to dismiss the lawsuits.

The issue of delays in the U.S. aluminium market has plagued the industry for years, but captured public and political attention only last year. The U.S. Department of Justice and the U.S. Commodity Futures Trading Commission are investigating.

In March, U.S. District Judge Katherine Forrest allowed three groups of plaintiffs to file separate lawsuits seeking class action status: direct purchaser plaintiffs, commercial end-users and consumer-end users. Forrest has scheduled a hearing in the case for Friday.

The LME has argued it was protected by the 1976 U.S. Foreign Sovereign Immunities Act, which limits when a foreign sovereign may be sued in U.S. courts.

LME said that it is an organ of the United Kingdom, entitling it to FSIA immunity. Although it is privately owned, LME argued it is "statutorily tasked with the public regulatory function of maintaining an orderly market and affording proper protection to investors."

The case is In Re Aluminium Warehousing Antitrust Litigation, U.S. District Court, Southern District of New York, No. 13-2481.

(Reporting by Andrew Longstreth; Editing by Howard Goller and Grant McCool)

By Andrew Longstreth

Stocks treated in this article : JPMorgan Chase & Co., Goldman Sachs Group Inc
Stocks mentioned in the article
ChangeLast1st jan.
GOLDMAN SACHS GROUP INC. 3.44% 224.61 Delayed Quote.29.99%
LME ALUMINIUM CASH -0.85% 1756 End-of-day quote.-5.49%
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Financials (USD)
Sales 2019 34 909 M
EBIT 2019 11 432 M
Net income 2019 8 120 M
Debt 2019 231 B
Yield 2019 1,88%
P/E ratio 2019 10,3x
P/E ratio 2020 9,56x
EV / Sales2019 8,81x
EV / Sales2020 8,71x
Capitalization 76 886 M
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Technical analysis trends GOLDMAN SACHS GROUP INC.
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Mean consensus OUTPERFORM
Number of Analysts 28
Average target price 235,84  $
Last Close Price 224,61  $
Spread / Highest target 38,5%
Spread / Average Target 5,00%
Spread / Lowest Target -22,1%
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Managers
NameTitle
David Michael Solomon Chairman & Chief Executive Officer
John E. Waldron President & Chief Operating Officer
Stephen M. Scherr Chief Financial Officer & Executive Vice President
Marco Argenti Co-Chief Information Officer
Atte Lahtiranta Chief Technology Officer
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