HKEX Won’t Take Manipulation Allegations Lying Down

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.

Click here to read the full Reuters report.