A $10.75 million Settlement was granted final approval 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.

Earlier completed settlements in this Court and in related cases involved a settlement of $43.5 million against Sumitomo and Global Minerals and Metals Corporation with regard to purchasers of pure (non-scrap) copper products and a $25 million settlement against Merrill Lynch & Co., Inc. on behalf of purchasers of pure and scrap copper.

The case is still pending as to the remaining Defendants, including Credit Lyonnais Rouse, Ltd., Rudolf Wolff & Co., Ltd., J.P. Morgan & Co., Inc., Morgan Guaranty Trust Company of New York, Union Bank of Switzerland AG and Chase Manhattan Bank f/k/a Chase Manhattan Bank, N.A.