London Metal Exchange Faces Appeal in Nickel Trading Case
The London Metal Exchange (LME) is back in the spotlight as it defends against Elliott Investment Management’s application to appeal the nickel trading case. Elliott Associates and Elliott International filed judicial review proceedings against the LME, challenging its decision to cancel $12 billion of trades in ‘3M’ nickel futures in March 2022 following a sharp price increase.
The parties claimed to have lost net profits totaling approximately $456 million due to the cancellation, which occurred after nickel prices dramatically rose. The LME suspended nickel trading on March 8, 2022, before canceling all nickel trades entered into that day.
After a hearing in the High Court in June 2023, a judgment was handed down in November, dismissing the claims for judicial review. However, the Elliott parties are back at the Court of Appeal aiming to appeal this decision.
The hearing, which is being held from Tuesday to Thursday at the civil division of the Court of Appeal, is being overseen by Lord Justice Underhill, Vice-President, Lord Justice Singh, and Lord Justice Males. The LME has legal representation from Hogan Lovells, while the Elliott parties are represented by a team from Akin Gump.
This case has garnered significant attention within the financial and trading communities, as the outcome could have far-reaching implications for future trading disputes. Stay tuned for updates as the appeal process unfolds.
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