FOR IMMEDIATE RELEASE: Wednesday, August 28, 2002 GOODKIND LABATON RUDOFF & SUCHAROW LLP Announces Sumitomo Corporation Scrap Copper Settlement New York, NY, February 28, 2002 - Goodkind Labaton Rudoff & Sucharow LLP is pleased to announce final approval of a $10.75 million settlement with Defendant Sumitomo Corporation in National Metals, Inc., vs. Sumitomo Corporation, et al.. The hearing on final approval was held on January 31, 2002, after which an Order granting final approval to the settlement was entered by the Honorable Michael Bollman on February 14, 2002, in the Superior Court of California, County of San Diego.
This action was brought under state antitrust laws as a class action on behalf of all businesses that purchased scrap copper or recycled copper products that reside or do business in California and other states that recognize indirect purchaser standing (Alabama, Arizona, the District of Columbia, Florida, Kansas, Louisiana, Maine, Michigan, Minnesota, Mississippi, New Mexico, New York, North Carolina, North Dakota, Rhode Island, South Dakota, Tennessee, West Virginia and Wisconsin). The complaint, filed in August 1999, alleges that Sumitomo and the other defendants colluded and conspired to form a cartel for the purpose of manipulating copper prices on the London Metals Exchange, Ltd. and worldwide. The cartel’s efforts are alleged to have fixed, stabilized and maintained artificially inflated copper prices over the class period January 1, 1993 through June 30, 1996.
Total settlements in this case and in related cases litigated by Goodkind Labaton Rudoff & Sucharow LLP and their co-counsel, on behalf of purchasers of pure and scrap copper, equal nearly $80 million and cases are still pending as to several non-settling defendants. ###
Bernard Persky Attorney bpersky@labaton.com (212) 907-0868
Lawrence A. Sucharow Partner lsucharow@labaton.com (212) 907-0860 |
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