Activist hedge-fund manager Elliott Management has sued London Metal Exchange (LME) for $456 million over cancelled nickel trades. Earlier this year, the exchange suspended nickel trading and cancelled some due to major fluctuations in metal prices.
According to Hong Kong Exchanges & Clearing (HKEX), the case was filed in the English High Court on June 1. HKEX, LME's parent company, said: "The LME management is of the view that the claim is without merit and the LME will contest it vigorously." Furthermore, HKEX said the hedge-fund firm believes LME's actions "was unlawful on public law grounds and/or constituted a violation of the claimants’ human rights."
Elliott brought the case to the English High Court via two affiliates, Elliott Associates and Elliott International. The ...
