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Elliott Management Corp., an activist hedge fund manager, sued the London Metal Exchange for more than $456 million after the exchange paused nickel trading and invalidated some contracts to dramatic swings in the metal's price, reported WSJ.
The case adds to the LME's problems, which are also under investigation by British financial regulators.
What happened: Elliott is disputing the exchange's decision to delete trades it claims it made in the early hours of March 8.
Related: Russia Impact - London Metal Exchange Suspends Nickel Trading After 250% Price Spike
"The LME management is of the view that the claim is without merit, and the LME will contest it vigorously," stated Hong Kong Exchanges & Clearing Ltd., which owns LME.
The hedge-fund firm, founded by billionaire Paul Singer, argues the metal exchange's action "was unlawful on public law grounds and/or constituted a violation of the claimants' human rights," HKEX said.
Elliott filed the case in the English High Court using two different entities: Elliott Associates LP and Elliott International LP. The claim is being pursued as a judicial review, a proceeding in which a judge determines the validity of a public body's decision or action.
Also read: Nickel Hits Limit Down Again On London Metal Exchange, Falls 12%
