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The London Stock Exchange Non-Ferrous Metals accused of anti-competitive behavior

According to a source in the agency «ET Net News Agency», representatives of stock exchanges «Hong Kong Exchanges and Clearing Limited» (HKEx) has recently been notified that its structural division of «The London Metal Exchange» (LME) appears, along with the «Goldman Sachs group, Inc.», respondent in the class action, filed August 1, in the US District court for the Eastern District of Michigan. Companies accused of monopolistic and anti-competitive behavior in the market warehouse operations with aluminum, which resulted in a change in the value of «winged» metal. The main plaintiff in the present case is a corporation «Superior Extrusion, Inc.» — manufacturer of aluminum tubes and beams. The case was initiated after many buyers had expressed complaints about the increase in the cost of aluminum since long waiting in warehouses.

«The London Metal Exchange» at the moment is to find a legal adviser for the support during litigation proceedings. As follows from the statement of the company's executives, the claim is totally unfounded and Exchange intends to strongly defend its position.

Earlier, the media appeared mention of the fact that some banks, in particular «Goldman Sachs», have a direct interest in warehouse operations with aluminum and recently all the accusations are often in unfair market the game in order to obtain additional income during manipulation with warehouse stocks of the metal.

Representatives «Goldman Sachs» also do not agree with the accusation and point to the fact that the aluminum price fell by nearly 40% compared with the peak in prices observed in 2006.

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