Reuters reported that Hong Kong Exchanges and Clearing Ltd. (HKEX:0388) plans to contest Duncan Galvanizing Corp.’s allegations that it and others have conspired to manipulate the US zinc price since 2010.
As quoted in the market news:
‘HKEx and LME management’s initial assessment is that lawsuit is without merit and HKEx and subsidiaries will contest it vigorously,’ the Hong Kong Exchange said in a release.
The zinc lawsuit opens up a new legal front and signals the possibility of mounting expenses for the Hong Kong bourse following its costly $2.2 billion purchase of the LME in 2012.
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