Following the suspension and cancellation of nickel trading on the platform controlled by Hong Kong Exchanges and Clearing Ltd (0388.HK), fund manager Elliott Associates has sued the London Metal Exchange (LME) for $456 million, according to the Hong Kong market.
Elliot Associates and Elliott International have filed a judicial review claim against the London Metal Exchange (LME) in a British court.
The hedge fund seeks to challenge LME’s decision to cancel its trades in nickel contracts executed on or after 00:00 British time on March 8.
The LME suspended activity and canceled nickel trades due to volatility that saw prices double to more than $100,000 a tonne within hours.
This report’s information was first seen on Reuters; to read more, click this link.