Status Update: The Order Approving the Distribution of the Net Settlement Fund was filed in the United States District Court Court for the Southern District of New York on September 27, 2023. The Distribution was disseminated to Approved Class Members on October 16, 2023.
If You Purchased LME U.S. Zinc from a Primary Zinc Producer or Glencore Ltd. From September 14, 2010 up to and including February 11, 2016 and Paid the Platts Zinc Midwest Special High Grade Premium or Similar Price Premium in the United States, You Could be Affected by a Proposed Class Action Settlement
Important Dates
Exclusion Deadline – Received By — November 16, 2021
Written Notice to Appear – Received By — December 16, 2021
Objection Deadline – Received By — January 26, 2022
Claim Deadline – Postmarked By — January 28, 2022
Fairness Hearing — February 16, 2022
Settlement Distribution — October 16, 2023
- There is a proposed $9,850,000 settlement of a class action lawsuit entitled In re Zinc Antitrust Litigation (the “Action”), which is pending in the United States District Court for the Southern District of New York. The entities that brought the lawsuit, Oklahoma Steel and Wire Co., Inc., Iowa Steel and Wire Co., Southwestern Wire, Inc. and Jasper Materials, Inc., are called the “Plaintiffs” in this Notice; the companies they sued, Glencore Ltd. (“Glencore”) and Access World (USA) LLC (f/k/a Pacorini Metals USA, LLC) (“Access World”), are called the “Defendants” in this Notice. Defendants have asserted a number of defenses to Plaintiffs’ claims, and deny all wrongdoing. Defendants are settling this case solely to avoid the expense, inconvenience, and inherent risk and disruption of litigation.
- This lawsuit concerns Plaintiffs’ claims that, during the period from September 14, 2010 up to and including February 11, 2016, Defendants engaged in a scheme to monopolize and attempts to monopolize the market for physical zinc, specifically Special High Grade Zinc (“SHG Zinc”), in the United States. Plaintiffs allege that Defendants and their affiliates monopolized and to attempt to monopolize the market for SHG Zinc or the market for selling such zinc by artificially raising the price of physical zinc and related zinc premiums in the United States by engaging in financial transactions to ensure long metal queues, shuttling LME SHG Zinc between warehouses for no reason other than to cause and exacerbate anticompetitive effects, hoarding of zinc, and engaging in shadow warehousing that manipulated perceived supply and thus the premiums for LME SHG Zinc, and in doing so violated Section 2 of the Sherman Act. Plaintiffs allege that, as a result of Defendants’ anticompetitive conduct, Plaintiffs and other members of the Settlement Class paid more for the purchase of physical SHG Zinc than they otherwise would have paid absent the anticompetitive conduct. Defendants deny Plaintiffs’ allegations, deny that they engaged in any wrongdoing of any kind, that they violated or breached any law or regulation, or that they have liability as a result of any and all allegations made by Plaintiffs. Defendants have asserted a number of defenses to those claims. The Court has not made any decision as to the merits of Plaintiffs’ claims.
- Approval of the proposed Settlement by the Court will resolve this class action lawsuit.
- Your legal rights may be affected by the proposed Settlement. The Notice includes information on the lawsuit and regarding the Settlement with Defendants. Please read the entire Notice carefully.
| Your Legal Rights and Options | ||
|---|---|---|
You May: |
Due Date | |
Do Nothing |
You do not have to take any action to remain part of the Settlement Class. If you do nothing, you will be bound by the terms of the Settlement and you will give up any and all Released Claims (as set forth in FAQ 12) that you may have against the Defendants. (See FAQ 6). | N/A |
Submit a Claim Form |
If you wish to make a claim against the settlement funds, you will need to complete and submit a Claim Form in order to receive money from the Settlement. (See FAQ 9). Please also see FAQ 12, which describes important aspects of what happens if you choose to stay in the Settlement. | January 28, 2022 |
Go to the Court’s Hearing |
Ask the Court for permission to speak about the fairness of the Settlement, the Plan of Allocation, or the Request for Attorneys’ Fees, Expenses and Incentive Award. (See FAQ 21). | December 16, 2021* |
Object to the Settlement |
Write to the Court about why you object to the Settlement, the Plan of Allocation, or the Request for Attorneys’ Fees, Expenses and Incentive Award. (See FAQ 17). You cannot object to the Settlement if you have excluded yourself from the Settlement Class. | January 26, 2022* |
Exclude Yourself from the Settlement |
Receive no payment from the Settlement. (See FAQs 13-14). | November 16, 2021* |
- These rights and options—and the deadlines to exercise them—are explained in the Notice.
* Documents must be mailed or delivered such that they are received by the date noted.