When a New York Times investigation found that lax aluminum warehousing standards implemented by the London Metal Exchange had raised the price of the metal, LME hired Margaret “Peggy” Zwisler to fend off the inevitable class action lawsuits that followed. The Latham & Watkins partner delivered a rapid victory for her new client, persuading a skeptical judge that privately-owned LME is actually an instrument of a foreign state.
In an Aug. 25 ruling, U.S. District Judge Katherine Forrest in Manhattan dismissed claims that LME conspired with owners of aluminum warehouses—including Goldman Sachs & Co. and JPMorgan Chase & Co.—to fix aluminum prices. Forrest ruled that LME is an organ of the U.K. government and therefore shielded from U.S. antitrust claims under the Foreign Sovereign Immunities Act. The ruling doesn’t affect claims against Goldman and the other codefendants, which have their own motions to dismiss pending.
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