Trafigura settles $8.4 million lawsuit with Reuben Brothers firm
Commodity trader Trafigura has settled a lawsuit filed by a firm owned by property and metals tycoons the Reuben brothers, Trafigura said on Wednesday, in a case linked to an ongoing alleged nickel fraud case. The case was an off-shoot of a larger legal action in which Geneva-based Trafigura filed a lawsuit last year against businessman Prateek Gupta, alleging systematic fraud involving what were supposed to be nickel cargoes. Hyphen Trading Ltd demanded $8.4 million in damages last year from Trafigura, saying it had paid Trafigura for 404 metric tonnes of nickel, but never received it.
Reuters•
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