October 24, 2016 1:11 PM ET

Metals and Mining

Company Overview of Glencore Ltd.

Company Overview

Glencore Ltd. provides commodity mining and trading services. The company was formerly known as Clarendon, Ltd. and changed its name to Glencore Ltd. in February 1984. The company is based in Stamford, Connecticut. Glencore Ltd. operates as a subsidiary of Glencore Plc.

301 Tresser Boulevard

14th Floor

Stamford, CT 06901

United States





Key Executives for Glencore Ltd.

Glencore Ltd. does not have any Key Executives recorded.

Glencore Ltd. Key Developments

Zinc Purchasers Flies Lawsuit against Glencore Ltd. and Pacorini Metals USA for Falsified Zinc Documents

Executives at a metals warehouse firm owned by commodities group Glencore allegedly ordered workers to falsify documents in New Orleans to manipulate the zinc market, according to a complaint filed by zinc purchasers in a U.S. Federal Court. On June 6, 2016, a U.S. judge in Manhattan allowed a private antitrust lawsuit to go forward against two units of Glencore Plc. The suit accuses Glencore Ltd. and Pacorini Metals USA of trying to monopolize the market for special high grade (SHG) zinc, driving up its price. Her 62-page decision cited allegations made in the complaint filed by zinc purchasers alleging that Pacorini Metals USA, owned by Glencore, created false bills of lading, which are receipts given by transporters confirming shipment of goods. U.S. District Judge Katherine Forrest in Manhattan said that the zinc purchasers had alleged sufficient facts for the case to go forward. She said they had raised "a plausible story of market control" by the Glencore units in violation of U.S. antitrust law. Forrest did not rule on the merits of the antitrust claim. The case will now proceed to the discovery phase, during which both sides will gather evidence to bolster their claims. The group had moved to dismiss the complaint on various legal grounds. According to the complaint by the zinc purchasers, a confidential witness who worked in management for Pacorini said he was instructed by Pacorini executives in late summer or early autumn of 2012 to create falsified documents to mask high-volume movements of zinc.

Cunningham Holdings, Inc. Sues Chemoil Corporation and Glencore

Cunningham Holdings Inc. recently filed a wide sweeping counter lawsuit against Chemoil Corporation and Glencore Ltd. The lawsuit alleges fraud, unjust enrichment and conversion among other counts and seeks more than $890 million in damages. Cunningham Holdings and Chemoil entered into a joint venture in 2013 to market petroleum products, including renewable fuels, using Cunningham Holdings’ sophisticated enterprise resource management systems. According to the lawsuit, in May of 2014, Chemoil and Glencore Ltd. failed to meet contractual obligations and began to withhold all supplies of fuel to the joint venture. The lawsuit stated the joint venture would have generated profits in excess of $800 million by the end of fiscal year 2017. In addition, the lawsuit stated that Chemoil and Glencore Ltd. failed to disclose to Cunningham Holdings and the joint venture that Chemoil and Glencore Ltd. filed for and received federal excise tax credits, Renewable Identification Number (RIN) credits and California Low Carbon Fuel Standard carbon credits, known as CI Credits, worth more than $142 million. The counter lawsuit, filed in Superior Court of California, alleges breach of the joint venture agreement, breach of fiduciary duty, conversion, fraud and deceit (concealment), conspiracy to commit fraud, fraud and deceit (false promise), unjust enrichment, breach of implied covenant of good faith and fair dealing, and intentional interference with prospective economic advantage.

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