Judge dismisses demands for LME disclosures on cancelled nickel trades
A high court judge on Friday dismissed 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...
Justice Adrian Beltrami stated in his ruling at London's King's Bench Division that he considered the merits of the case "weak". AQR Capital Management stated that it will continue to examine all legal options after the ruling. Winton Capital Management and Capstone Investment Advisors were the other claimants. A representative of the court office stated that the group can appeal the decision within 21 calendar days. Winton declined to comment. When Reuters reached out to them, the other representatives were unavailable for comment. It said that Hogan Lovells had won an important victory today for its client, the London Metal Exchange (LME)." The LME stated that the application was flawed from the beginning, and that the LME had already given a detailed explanation about its decision-making. Jane Street Global Trading and Elliott Associates, hedge funds, are suing LME for $456m and $15.3m, respectively, for cancelling nickel trades. Reporting by Nell Mackenzie. Editing by Amanda Cooper, Barbara Lewis.