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FIRM NEWS

In re: Platinum and Palladium Commodities Litigation 10-cv-3617 (S.D.N.Y.)–On July 15, 2014, the Honorable William H. Pauley III preliminarily approved the Futures Plaintiffs’ partial settlement of this action with (a) the Moore Capital Defendants for $48,400,000, and (b) Defendant Joseph Welsh for a judgment of $35,000,000 in respect of the negligence claim against him collectable solely from his personal assets consisting of his rights against certain insurers. Defendant MF Global, Inc. is not part of the proposed settlement. Lovell Stewart is sole lead counsel for the Futures Plaintiffs in this action. Persons who traded in NYMEX platinum futures contracts and/or NYMEX palladium futures contracts during the time period June 1, 2006 through April 29, 2010 should save their relevant trading records because they may file claims to participate in this proposed settlement. Please check this website and the settlement website for updates regarding the proposed settlement. The settlement website is http://platinumpalladiumfutureslitigation.com. Contact Christopher M. McGrath, Esq. (CMcGrath@lshllp.com).

Precision Associates, Inc. et al., v. Panalpina World Transport (Holding) LTD. et al, 08-cv-0042 (E.D.N.Y.)–On June 27, Plaintiffs filed a motion seeking preliminary approval of settlements with Defendants Panalpina, Geodis, DSV, and Jetspeed for an immediate cash payment of $44 million plus additional sums to be paid from proceeds from another litigation. Lovell Stewart is co-lead counsel in this action. Class Members can find additional information on https://www.freightforwardcase.com Contact Benjamin M. Jaccarino, Esq. (Bjaccarino@lshllp.com).

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New Cases

Superior Extrusion, Inc., v. Goldman Sachs Group, Inc., et al, 13-cv-13315

On August 1, 2013, Lovell Stewart filed a class action on behalf of purchasers of aluminum against Goldman Sachs, Metro International Trade Services, the London Metal Exchange, and others for allegedly violating the federal antitrust laws by inflating aluminum prices, including the Midwest Transaction Price (also known as Midwest Premium or Platts MW Midwest Premium or the Platts Metals Weekly Premium).

This was the first case in the United States alleging that aluminum prices had been inflated by alleged unlawful conduct by Goldman Sachs and the London Metals Exchange.  Lovell Stewart commenced multi-district litigation (“JPML”) proceedings for the cases, and filed four subsequent actions on behalf of other significant aluminum extrusion businesses, Custom Aluminum Products, Inc., v. Goldman Sachs Group, Inc., et al, 13-cv-13418 and International Extrusions, Inc., v. Goldman Sachs Group, Inc., et al, 13-cv-13555, Ampal, Inc. v. Goldman Sachs Group, Inc., et al., 13-cv-14067, and Extruded Aluminum Corp. v. Goldman Sachs Group, Inc., et al, 13-cv-14787.

As a result of the JPML proceedings, all of the actions, along with many similar class actions are being heard in the United States District Court for the Southern District of New York before the Honorable Katherine Forrest. Contact Gary S. Jacobson, Esq. (GSJacobson@lshllp.com) or Benjamin M. Jaccarino, Esq. (BJaccarino@lshllp.com).

In re: North Sea Brent Crude Oil Futures Litigation, MDL No. 2475

On July 12, 2013, Lovell Stewart filed a class action on behalf of purchasers of Brent Crude Oil futures contracts against Royal Dutch Shell PLC, BP PLC, Statoil ASA, and others, for allegedly manipulating Brent Crude Oil futures contract prices from 2004 to the present, and alleged violated the Commodity Exchange Act and the federal antitrust laws.

On November 20, 2013, a motion was filed on behalf of ten of the thirteen actions seeking to appoint Lovell Stewart as Chairman of Interim Class Counsel in these consolidated cases. This action and others are being heard by the Honorable Andrew L. Carter.  Contact Ian T. Stoll, Esq. (IStoll@lshllp.com) or Amanda N. Miller, Esq. (AMiller@lshllp.com).