Ruling due on Wednesday in nickel trades lawsuit against LME LONDON, Nov 28 (Reuters) - London's High Court will rule on Wednesday whether the London Metal Exchange (LME) unlawfully cancelled billions of dollars of nickel trades in March last year, brought by two U.S.-based financial companies, staff at the court said.
Hedge fund Elliott Associates and market maker Jane Street Global Trading are claiming $472 million in compensation for the voided nickel trades on March 8, 2022, after the LME suspended trading for more than a week.
The 146-year-old exchange said it had no choice but to cancel $12 billion of nickel trades when prices of the metal used to make stainless steel lurched higher, doubling in a matter of hours to more than $100,000 per metric ton in chaotic trade.
Lawyers for the two sides presented their arguments during a court hearing over three days in June. An appeal is expected from whichever side loses.
https://finance.yahoo.com/news/ruling-due-wednesday-nickel-trades-133611951.html