Ten hedge funds and asset managers have launched two new lawsuits against the London Metal Exchange over the cancellation of billions of dollars of trades in the nickel market last year, according to a report by Reuters.
Ten hedge funds and asset managers have launched two new lawsuits against the London Metal Exchange (LME) over the cancellation of billions of dollars of trades in the nickel market last year, according to a report by Reuters.
The report cites regulatory filings as revealing the new lawsuits, which LME owner Hong Kong Exchanges and Clearing confirmed in a statement on Monday, have been taken against the LME and its clearing house LME Clear.
According to one filing, AQR Capital Management, DRW Commodities, Flow Traders, Capstone Investment Advisors, and Winton Capital Management are seeking £80 million ($96 million) in damages, while the other suit has been brought by Commodity Asset Management, Pala Investments Ltd, Pentimon Ltd, Welton Investment Partners and Sunrise Capital Partners, although the filing doesn’t reveal the scope of damages being sought.
The LME is already facing multiple law suits over the nickel trade cancellations, which took place on 8 March, 2022, from several hedge funds, trading companies and asset managers including Elliott Associates and Jane Street Global Trading, which are suing the LME for $456 million and $15.3 million respectively.
