17 MARCH 2014AlCircle.com
HKEx named as co-defendant in class action lawsuits
Edited by : AL CIRCLE
1 min read
Hong Kong Exchanges & Clearing Ltd had been named a co-defendant in the class action lawsuits that involves aluminum price fixing on LME, said the company.
HKEx, the fourth largest exchange operator in the world, said it was notified about the inclusion of their names in the list of direct purchaser’s consolidated complaint.
Manufacturers have filed a total of 26 complaints against the London Metal Exchange, which have been further consolidated into 3 complaints and it will account for 3 different classes of plaintiffs, the company added.
"HKEx management's initial assessment is that the lawsuit is without merit and HKEx will contest it vigorously," the company said in a securities filing.
Last year, the manufacturers who have filed lawsuits are of the view, enabled by LME rules the banks as well as traders stocked aluminum in their warehouses and raised the prices. Both the LME and firms have denied these claims considering them as baseless.
HKEx, the fourth largest exchange operator in the world, said it was notified about the inclusion of their names in the list of direct purchaser’s consolidated complaint.
Manufacturers have filed a total of 26 complaints against the London Metal Exchange, which have been further consolidated into 3 complaints and it will account for 3 different classes of plaintiffs, the company added.
"HKEx management's initial assessment is that the lawsuit is without merit and HKEx will contest it vigorously," the company said in a securities filing.
Last year, the manufacturers who have filed lawsuits are of the view, enabled by LME rules the banks as well as traders stocked aluminum in their warehouses and raised the prices. Both the LME and firms have denied these claims considering them as baseless.
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