Lawsuits alleging aluminium price fixing by big banks will shine an uncomfortable light on the role played by the London Metal Exchange. The LME is a defendant in lawsuits which accuse Goldman Sachs, JP Morgan and Glencore-Xstrata of rigging the aluminium market. Although the LME insists its rules were made independently, at the time the actions took place Goldman and JP Morgan were its two biggest shareholders, with JP Morgan owning 10.8% and Goldman owning 9.5%.
I have been a senior resources analyst following the fortunes of the mining and energy sectors for the past 25 years - previously working with stockbroker Intersuisse and financial group Fat Prophets. I am also Executive Director, Mining & Metals...
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