LME faces further legal action in London court

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07-03-2023 | 08:05
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LME faces further legal action in London court
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LME faces further legal action in London court

The London Metal Exchange (LME) faces further legal action in London, court filings showed on Tuesday, without giving further details of the move by a company called Double Eight Ltd.

The LME faced two fresh lawsuits, filings showed on Monday, from ten hedge funds and asset managers after it enraged investors last year by cancelling nickel trades.

The world's largest and oldest metals market annulled billions of dollars of trades after chaotic price action, and suspended trading for the first time since 1988.

The nickel cancellations took place on March 8, 2022 and the wave of legal filings was due to a one-year time limit approaching for claims that allege the LME violated the Human Rights Act, a source close to the situation told Reuters.

Double Eight is a private financial company based in England that deals in securities, according to UK company filings.

No court documents were immediately available showing why Double Eight was taking action against the LME, which is owned by Hong Kong Exchanges and Clearing Ltd (0388.HK).

There was no immediate comment from the LME.
 
REUTERS
 

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