Elliott is claiming damages of $456 million, while Jane Street is claiming $15 million, arguing that the LME acted unlawfully in canceling the trades. mining
A London court agreed to allow Elliott Investment Management and Jane Street to sue the London Metal Exchange over its handling of a controversialThe two firms filed in June for a so-called judicial review of the LME’s actions during the nickel crisis, when the exchange responded to an unprecedented price spike by suspending trading for a week and canceling billions of dollars worth of transactions.
“This decision is entirely procedural and is in no way a ruling on the merits of these claims. The LME continues to prepare its defense and we look forward to setting out our arguments in due course,” the spokesperson said. Judicial review in the UK is a form of legal proceeding that’s used to challenge the lawfulness of decisions by public bodies. While the LME is a private company, owned by Hong Kong Exchanges & Clearing Ltd., it performs a regulatory function in the metals market and has been sued through judicial review in the past.The LME is also facing legal action from a group of firms including hedge fund AQR Capital Management LLC, which filed a commercial court claim in London in September.
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