The London Metal Exchange LME faces a legal challenge from Elliott Investment Management, which seeks to appeal a previous court ruling over the cancellation of $12 billion in nickel trades.
The London Metal Exchange LME is back in court this week as it seeks to defend against Elliott Investment Management ’s application to appeal the nickel case. Elliott Associates along with Elliott International issued judicial review proceedings against LME to challenging its decision to cancel $12bn of trades in ‘3M’ nickel futures on the morning of 8 March 2022 following sharp price rises. In early March 2022, nickel prices rose very dramatically.
The parties affected included the Elliott parties who claimed that the cancellation caused them to lose net profits totalling about $456m, which would otherwise have been made on the nickel trades agreed by them between 0000 on 8 March 2022 and the suspension at 0815. The parties went for a hearing at the High Court in June 2023, and last November, a judgment was handed down which dismissed the claims for judicial review.
London Metal Exchange Elliott Investment Management Nickel Trading Court Case Appeal Judicial Review Cancelled Trades Commodities Market Legal Dispute
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