London Metal Exchange sued for $456m over cancelled trades
by Kalyeena Makortoff Banking correspondent from on (#601FG)
US hedge fund Elliott Management criticises decision to halt nickel trading after spike in prices
The London Metal Exchange is being sued by the New York hedge fund Elliott Management for $456m (363m), over its controversial decision to cancel nickel trades after a spike in prices linked to the invasion of Ukraine.
Elliott's case, which was filed at the high court last week, claims the LME acted unreasonably and irrationally" when it cancelled trades originally made on 8 March, a move that the exchange said was meant to avoid disorderly trading.
Continue reading...