HKEx And LME Update On Legal Proceedings
On 25 August 2014, the US District Court for the Southern District of New York (the “Court”) issued a ruling on the LME ’s motion to dismiss the pending class actions on grounds of sovereign immunity. The Court granted the LME’s motion to dismiss and dismissed all of the pending claims against it.
The Court also denied plaintiffs the ability to replead the claims against LME. The Court has not yet issued a ruling on the motions to dismiss that HKEx and LMEH have filed, and they currently remain defendants in the litigation. HKEx management continues to believe that the claims are without merit and expects to continue to contest these allegations vigorously.