Elliott Associates Sues LME for $456 Million in Nickel Debacle
What’s new: U.S. hedge fund Elliott Associates launched a $456 million lawsuit in the U.K. against the London Metal Exchange for canceling billions of dollars of nickel transactions after chaotic trading in March, the exchange’s parent Hong Kong Exchanges and Clearing Ltd. (HKEX) said Monday.
On March 8, a spike in nickel prices to more than $100,000 a ton within hours led the LME to suspend its nickel market and cancel trades. The LME said the nickel market had become disorderly, and trades were canceled to return the market to a point when it was last orderly.
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