LME Wins Legal Battle Over Cancelled Nickel Trades

Court rules LME can cancel trades in exceptional circumstances, Elliott Associates plans to appeal

The London Metal Exchange (LME) has won a legal battle against U.S. financial firms Elliott Associates and Jane Street Global Trading, who demanded $472 million in compensation after the LME cancelled billions of dollars in nickel trades last year.
The London High Court ruled that the LME could cancel trades in exceptional circumstances and dismissed all claims made against it.
The LME is now looking to restore confidence and increase nickel volumes that plummeted after the crisis, with plans to introduce new reforms and expand its commodities trading.
The LME's victory is seen as a relief for other exchanges, as a decision against the LME could have impacted their ability to react in crisis situations.
Elliott Associates has stated that they intend to appeal the judgment.