Civil Plaintiff
Glencore Resolves Zinc Rigging Allegations With a $9.85 Million Settlement
Glencore Plc agreed to pay $9.85 million to resolve a private U.S. antitrust lawsuit accusing two units of the Anglo-Swiss mining company of trying to monopolize the market for zinc, driving up its price.
The preliminary settlement disclosed in a Friday night filing with the U.S. District Court in Manhattan would resolve litigation that began in May 2014. It requires approval by U.S. District Judge Paul Engelmayer.
Zinc purchasers accused U.S.-based Glencore Ltd and Pacorini Metals USA Inc of conspiring from September 2010 to February 2016 to ensure long queues for physical zinc, or Special High Grade zinc, at warehouses licensed by the London Metal Exchange.
