HONG KONG, March 14 Hong Kong Exchanges and
Clearing Ltd said on Friday it had been named a
co-defendant in class action lawsuits involving the price fixing
of aluminium on the London Metal Exchange (LME).
HKEx, the world's fourth largest exchange operator, said it
was notified on Thursday that it had been named in the
consolidated complaint by direct purchasers of primary
A total of 26 class action lawsuits has been filed against
the LME, which have been consolidated into three complaints to
account for three different classes of plaintiffs, it 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.
Lawsuits filed by manufacturers in the United States last
year say that, enabled by LME rules, banks and traders hoarded
metal in warehouses they owned, raising prices. The firms and
the LME have said the claims are baseless.