LME sued for alleged aluminum storage monopoly

Goldman Sachs also sued.

The London Metal Exchange, which is owned by Hong Kong Exchanges and Clearing Ltd., and Goldman are being sued in a U.S. court over alleged anti-competitive and monopolistic behavior in aluminum storage.

HKEx said it would fight the class-action lawsuit it said was without merit. It bought LME last year. The metals exchange approves and licenses a network of more than 700 metal storage facilities in 36 countries.

The lawsuit was filed Aug. 1 by lead plaintiff, Superior Extrusion, in U.S. District Court for the Eastern District of Michigan.

Join Hong Kong Business community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you design and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

Gov’t tightens scaffold net rules after Tai Po fire
Construction sites are monitored; authorities enforce safety regulations strictly.
Land prices exceed 30% in H2 as developers regain appetite: JLL
Developers have regained their appetite for land acquisition and confidence in the residential market.
Residential
Monetary Authority lowers base rate to 4%
The decrease followed a 25-basis point downward adjustment in the US federal funds target.
Economy