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A week ago, it was reported that Glencore (LSE:GLEN) was accused of allegedly ordering workers to falsify documents in New Orleans to manipulate the zinc market.
A week ago, it was reported that Glencore (LSE:GLEN) was accused of allegedly ordering workers to falsify documents in New Orleans to manipulate the zinc market.
The accusations against Glencore and Pacorini Metals USA indicate they were attempting to monopolise the market to drive up the zinc price.
On Monday (June 13), US district judge Katherine Forrest delivered her decision in Manhattan, which allowed a private antitrust lawsuit to go ahead against two units of the company. The 62 page decision cites allegations made include false bills of lading, which are receipts confirming shipment of goods by transporters.
The case will now proceed to discoveries, wherein both parties will gather evidence to support their claims.
This isn’t the first time Glencore has been caught in the middle of a lawsuit. Back in 2014, together with Goldman Sachs Group (NYSE:GS) and JPMorgan Chase & Co (NYSE:JPM), the companies were accused of conspiring to drive up the zinc price. In January, however, the case was dismissed.
Furthermore, back in 2014, a two-year investigation done by the Senate Permanent Subcommittee on Investigations, accusing Goldman, Morgan Stanley and JPMorgan of manipulating aluminum prices came to light.
The investigation reported results of Goldman, JP Morgan and Morgan Stanley’s management of aluminum warehouses and whether they had harmed businesses, consumers and manipulated the markets.
Certainly, suspicions of larger market players manipulating commodity prices is nothing new.
Although different than the above allegations, Deutsche Bank AG (NYSE:DB) settled a lawsuit over allegations that it had manipulated gold and silver prices, charges of which were brought against them back in 2014.
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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.
This post was originally published on June 17 2016.
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