Elliott Denied Appeal Over LME Nickel Ruling at UK’s Top Court

1 month ago 28

(Bloomberg) -- Elliott Investment Management was refused support to instrumentality its lawsuit against the London Metal Exchange implicit the 2022 nickel situation to the UK Supreme Court.

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Elliott had challenged the LME’s determination to retroactively cancel $12 cardinal successful trades erstwhile nickel prices spiked successful March 2022, but 2 UK courts ruled that the exchange’s actions were lawful.

In an update connected its website, the Supreme Court said that support to entreaty had been refused “on the crushed that the entreaty does not rise an arguable constituent of law.”

Elliott, which had stake connected higher nickel prices, claimed the LME’s determination outgo it much than $450 million. In 2023, a UK tribunal rejected its case, ruling that the LME’s executives had wide discretion to marque urgent decisions astir the market, and past twelvemonth the Court of Appeal upheld that decision.

The determination comes arsenic the UK’s Financial Conduct Authority fined the LME £9.2 cardinal ($11.9 million) for its failings successful the crisis, though the censure related to the LME’s systems and controls alternatively than its eventual determination to cancel the trades.

An LME spokesperson said the Supreme Court’s determination to contradict the entreaty “draws a enactment nether these judicial reappraisal proceedings” and that the LME and LME Clear would present beryllium capable to absorption connected the future.

An Elliott spokesperson declined to comment.