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U.S.-based hedge fund Elliott Associates on Tuesday urged a London court to overturn a verdict supporting the London Metal Exchange’s cancellation of nickel trades partly because the exchange failed to disclose documents.$12 billion in nickel trades in March 2022 when prices shot to records above $100,000 a metric ton in a few hours of chaotic trade.
Lawyers for Elliott told London’s Court of Appeal that the LME belatedly released documents in May detailing its “Kill Switch” and “Trade Halt” internal procedures. It also newly disclosed an internal report that Elliott said detailed potential conflicts of interest at the exchange. “Elliott’s appeal is largely a repetition of the arguments which were advanced, and rightly rejected.”
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