NEWS RELEASE - HKEx says US class-action suit against LME 'without merit'

Martin Hayesmartin.hayes@fastmarkets.com+44 (0) 20 7337 2148

London 04/08/2013 - Hong Kong Exchanges and Clearing Limited (HKEx) said on Sunday that its wholly-owned subsidiary the UK-based LME (London Metal Exchange) was named as a co-defendant in a class action lawsuit filed in the US District Court for the Eastern District of Michigan on August 1, 2013.

"LME is currently seeking legal advice in relation to the legal proceedings. LME management’s initial assessment is that the suit is without merit and LME will contest it vigorously," HKEx said in a regulatory statement.

HKEx noted that the LME was named along with Goldman Sachs Group, Inc. in the lawsuit, alleging anti-competitive and monopolistic behaviour in the warehousing market in connection with aluminium prices. The lead plaintiff is Superior Extrusion, Inc.

No other details were available.

Fastmarkets.com
mailto:press@fastmarkets.com
8 Bouverie Street, London, EC4Y 8AX, UK
+44 (0)845 241 9949

TERMS AND CONDITIONS

The Terms and Conditions for this service are here.

REPRESENTATIONS AND LIABILITY

Fastmarkets represents that:
1. It will supply the Services in a professional way, using the care that can be reasonably expected for this type of business, and in accordance with the practices and policies which are commonly applicable in the information services industry.
2. it is duly empowered to supply the Information and Service(s) to the Client for the purposes specified in this Agreement and that the Service(s) and its use by the Client as specified in this Agreement will not infringe any intellectual property rights of any third party.
Although Fastmarkets will use all reasonable endeavours to ensure the accuracy and reliability of the Services, neither Fastmarkets, the Data Sources, or any third-party provider will be liable to the Client (or any third party) for direct, indirect or consequential loss or damage, including but not limited to loss of data, trading or other economic losses, arising out of any reliance on the accuracy of the Information (including but not limited to data, news and opinions) contained in the Service(s) or resulting in any way from the supply (or failure of supply) of the Services. However, Fastmarkets accepts liability for physical loss or damage to the Site caused by its negligence or wilful misconduct.
Except as expressly stated in this agreement, all express or implied conditions, warranties or undertakings, whether oral or in writing, in law or in fact, including warranties as to satisfactory quality and fitness for a particular purpose, are excluded.
The Client will indemnify Fastmarkets against any loss, damage or cost in connection with any claim or action that may be brought by any third party against Fastmarkets relating to any misuse of the Services by the Client.
To the extent permitted by law, under no circumstances will Fastmarkets liability under this Agreement exceed the Service Fees paid to Fastmarkets by the Client, regardless of the cause or form of action.

PRIVACY POLICY

The Fastmarkets Ltd Privacy Policy is here.