Exchange group named in allegations over uncompetitive practices in March 2014
Hong Kong Exchanges and Clearing (HKEx)
said it has entered into a settlement agreement in two
class-action lawsuits against the exchange and subsidiary The
London Metal Exchange (LME) over allegations of
anti-competitive and monopolistic behaviour in aluminium
In a note to the market late on Sunday,
the exchange said it has reached a settlement with the consumer
and commercial end-user plaintiffs of the aluminium
class-action lawsuits filed on 12 March 2014.
The HKEx exchange group was dismissed from
the lawsuit, as well as several other unnamed defendants, on
December 17 2014.
The US District Court for the Southern
District of New York dismissed all the claims brought against
the LME on the ground of sovereign immunity and all the claims
brought against HKEx and LMEH on the basis that the court
lacked personal jurisdiction over them, subject to the
plaintiffs’ right to appeal.
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