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Elliott gets permission to appeal loss to LME in nickel case
By Pei Li
Bloomberg News
Sunday, December 17, 2023
Hedge fund Elliott Associates was granted permission to appeal its loss in court against the London Metal Exchange over a nickel squeeze, extending the legal battle over the latter's decision last year to cancel billions of dollars worth of trades.
Elliott applied to the English Court of Appeal and was granted permission to appeal the judgment that went in the LME’s favor last month, according to a filing from Hong Kong Exchanges and Clearing Ltd., the parent company of London Metal Exchange.
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The timing of the appeal, which it plans to contest, is yet to be determined, according to the disclosure today.
The LME was catapulted into the global spotlight last March and drew widespread criticism after it suspended the nickel market and retroactively canceled $12 billion of trades. Elliott sought to have the cancellation declared unlawful, claiming the decisions cost it more than $450 million. ...
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