A case against the London Metal Exchange brought by hedge fund AQR Capital Management and others that demanded phone call transcripts and meeting notes about the exchange’s decision to cancel nickel trades back in March, has been dismissed by a high court judge, according to a report by Reuters.
A case against the London Metal Exchange brought by hedge fund AQR Capital Management and others that demanded phone call transcripts and meeting notes about the exchange’s decision to cancel nickel trades back in March, has been dismissed by a high court judge, according to a report by Reuters.
In his ruling at the King’s Bench Division of London’s High Court, Justice Adrian Beltrami said he considered “the merits of the case as weak”.
AQR Capital Management said after the ruling it would continue to evaluate all legal options, including its right to appeal the decision.
Together with other funds including Winton Capital Management, Capstone Investment Advisors, Flow Traders and DRW Commodities, AQR filed a legal application in September after the LME cancelled deals worth billions of dollars, following an huge spike in the price of nickel, which led to “significant losses” for market participants.
The LME is also facing lawsuits from US hedge fund Elliott Associates and Jane Street Global Trading, which are suing the LME for $456 million and $15.3 million, respectively.
