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Two aluminium recyclers also accuse Goldman Sachs Group of hoarding aluminium
Edited by : AL CIRCLE
1 min read
A steel-railings manufacturer and a scrap-metal dealer have joined to sue Goldman Sachs Group, adding to the Wall Street firm's legal headaches stemming from allegations it manipulated the aluminium market.
Viva Railings and Regal Recycling accused Goldman and two subsidiaries of hoarding aluminium in warehouses to boost the metal's price artificially, the companies wrote Thursday in their lawsuit in US District Court in Manhattan.
The suit is the latest action filed by aluminium buyers as metal warehousing firms' practises have drawn fire from regulators and politicians.
Viva Railings is a Lewisville, Texas, maker of railings. Regal Recycling is based in Howell, Michigan.
The two aluminium buyers sued Goldman and affiliates GS Power Holdings and Metro International Trade Services. Metro, which Goldman bought in 2010, runs metals warehouses in Michigan, Illinois, Alabama, Ohio and Louisiana, according to the suit.
Viva Railings and Regal Recycling accused Goldman and two subsidiaries of hoarding aluminium in warehouses to boost the metal's price artificially, the companies wrote Thursday in their lawsuit in US District Court in Manhattan.
The suit is the latest action filed by aluminium buyers as metal warehousing firms' practises have drawn fire from regulators and politicians.
Viva Railings is a Lewisville, Texas, maker of railings. Regal Recycling is based in Howell, Michigan.
The two aluminium buyers sued Goldman and affiliates GS Power Holdings and Metro International Trade Services. Metro, which Goldman bought in 2010, runs metals warehouses in Michigan, Illinois, Alabama, Ohio and Louisiana, according to the suit.
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