Elliott will file an appeal in the case of suspension of nickel trading – Kommersant

According to Bloomberg, The English Court of Appeal ruled on Sunday, December 17, that Paul Elliott Singer’s investment funds – Elliott Associates and Elliott International – can appeal the decision of the London High Court in the case against the LME, which on November 29 recognized the exchange’s decision to suspend nickel trading in March 2022 as legal . The date for filing an appeal against this decision has not yet been determined.

The Elliott funds’ lawsuit was submitted to the English High Court on 1 June 2022. The reason for this was solution The LME stopped trading in nickel on the morning of March 8 and canceled the results of trading in this metal for the previous eight hours due to a sharp jump in prices for it. As a result, nickel trading on the LME was frozen for more than a week.

In his statement, Mr. Singer called the actions of the exchange illegal and violative of human rights. The investor demanded that the exchange pay $456 million. LME insists that its actions were legal and would have avoided “serious consequences for the entire market” if the exchange had not stopped trading in nickel.

It should be noted that in April last year, the Financial Conduct Authority (FCA) of the UK and the Bank of England announced that they would conduct an audit of the LME in connection with the decision to stop nickel trading. And in March of this year it became known about the beginning investigations British authorities regarding the exchange.

Kirill Sarkhanyants