World Court to Review LME’s $12 Billion Nickel Trade Cancellation as Elliott Files New Lawsuit

World Court to Review LME’s $12 Billion Nickel Trade Cancellation as Elliott Files New Lawsuit

The London Metal Exchange faces a fresh legal battle over its decision to cancel billions in nickel trades during the 2022 market meltdown.

· 1 min read ·
stock markettrade

Elliott Investment Management, a major US investment firm, has filed a new lawsuit against the London Metal Exchange (LME), accusing the exchange of breaking UK competition rules during its response to the nickel market crisis [237757]. The claim was confirmed on Monday by HKEX, the LME’s parent company [237757].

The lawsuit focuses on how the LME handled chaotic trading in March 2022, when nickel prices doubled in a matter of hours [237757]. At the time, the LME suspended trading and later cancelled billions of dollars worth of trades [237757].

Elliott argues that those decisions were not only unfair but also violated competition law [237757]. The LME has previously defended its actions as necessary to maintain market order [237757].

This is not the first legal challenge from Elliott over the nickel episode—the firm also sought damages in a separate case, which is still pending [237757]. A court review of the new claim could take months [237757].

For now, the LME says it will “vigorously defend” its position [237757]. The outcome may have wider implications for how exchanges handle extreme market swings in the future [237757].

Sources

LME nickel trades to be reviewed by court as Elliott files new lawsuit #237757

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