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Hong Kong Exchanges and Clearing Ltd announces new legal proceedings

Sunday, 25 May 2014 08:01pm EDT 

Hong Kong Exchanges and Clearing Ltd:Says on May 23, the company and its subsidiaries, The London Metal Exchange (LME) and LME Holdings Limited (together, the‚ÄúSubsidiaries) were named as co-defendants in a class action filed in the United States District Court for the Southern District of New York.The complaint alleges anti-competitive and monopolistic behaviour in the warehousing market in connection with zinc prices.HKEx and LME management‚Äôs initial assessment is that the lawsuit is without merit and HKEx and the subsidiaries will contest it vigorously.Although the zinc class action is similar to the aluminium class actions, and was filed in the same court, HKEx believes that the actions are likely to proceed on separate tracks.In light of the class action nature of the complaints, HKEx understands that it is not uncommon for additional follow-on lawsuits of a similar nature to be filed in the United States once a class action has commenced. 

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