Elliott Management Sues London Metal Exchange Over Nickel Crisis

Action played out on the floor of the London Metal Exchange last year.

Photo:

Leon Neal/Getty Images

Updated June 6, 2022 1:27 am ET

Activist hedge-fund manager Elliott Management Corp. sued the London Metal Exchange for more than $456 million, after the exchange earlier this year suspended nickel trading and canceled some trades following wild swings in the metal’s price.

Elliott is challenging the exchange’s decision to cancel trades that it says it made in the early hours of March 8, according to

Hong Kong Exchanges & Clearing Ltd.

388 0.58%

, which owns LME.

“The LME management is of the view that the claim is without merit and the LME will contest it vigorously,” HKEX said Monday. Elliott didn’t respond to a request for comment outside U.S. business hours.

The hedge-fund firm, founded by billionaire

Paul Singer,

has brought the case in the English High Court through two vehicles, Elliott Associates LP and Elliott International LP.

Write to Dave Sebastian at [email protected]

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