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Blanchard & Co., Inc. v. Barrick Gold Corp.

2003 WL 22071173 (2003)

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Blanchard & Co., Inc. v. Barrick Gold Corp.

United States District Court for the Eastern District of Louisiana
2003 WL 22071173 (2003)

Facts

Blanchard & Company, Inc. and others involved in gold retailing, investing, or mining (collectively, Blanchard) (plaintiffs) sued Barrick Gold Corporation (Barrick) and J.P. Morgan Chase & Company (Chase) (defendants), alleging that Barrick and Chase violated federal and Louisiana antitrust law by manipulating the price of gold and monopolizing the gold market. Specifically, Blanchard attacked Barrick’s gold-sales program (program) that involved Chase (or another bank) acting on Barrick’s behalf to borrow gold from a foreign central bank on favorable terms that were not available to other gold-industry participants. Blanchard requested an injunction terminating all contracts through which Barrick and Chase allegedly manipulated the price of gold. Barrick responded that the act-of-state doctrine barred Blanchard’s claims because the program involved the leasing of gold from central banks, and Blanchard’s requested remedy could impact foreign central banks. Barrick and Chase filed motions to dismiss.

Rule of Law

Issue

Holding and Reasoning (Berrigan, C.J.)

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