$51 Billion Hedge Fund Elliot Management Files Lawsuit Against London Metal Exchange for $456 Million for Nickel Trades Suspension & Cancellation

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$51 Billion Hedge Fund Elliot Management Files Lawsuit Against London Metal Exchange for $456 Million for Nickel Trades Suspension & Cancellation

10th June 2022 | Hong Kong

Elliot Management, one of the oldest hedge fund manager with $51 billion founded by Paul Singer in 1977, has filed a lawsuit on 2nd of June 2022 against London Metal Exchange (LME) for $456 million for nickel trades suspension and cancellation ~ London Metal Exchange (LME) is a subsidiary of Hong Kong Exchange Group (HKEX).   HKEX: “As explained in LME Notice 22/057 published on 10 March 2022, during 7 March 2022 (UK time), significant upward price movements were observed in the nickel market. However, the LME considered that trading activity up to and including close of trading that evening had been orderly. In the early hours of 8 March 2022 (UK time) nickel prices then increased dramatically over a short period of time. After consultation with LME Clear, the LME took the decision to suspend trading in all nickel contracts with effect from 08:15 UK time and to cancel all trades executed on or after 00:00 UK time on 8 March 2022. This decision to suspend trading was taken because the nickel market had become disorderly. Cancellations were made retrospectively to take the market back to the last point in time at which the LME could be confident that the market was operating in an orderly manner. It should be stressed that the LME always acted in the interests of the market as a whole. LME nickel trading later resumed on 16 March 2022 on all LME execution venues. The claim seeks to challenge the decisions giving effect to and maintaining the cancellation of the Claimants’ alleged trades in nickel contracts executed on or after 00:00 UK time on 8 March 2022. The Claimants have alleged that this was unlawful on public law grounds and/or constituted a violation of the Claimants’ human rights. The amount claimed by the Claimants is US$456,391,500. The LME management is of the view that the claim is without merit and the LME will contest it vigorously.”

“ $51 Billion Hedge Fund Elliot Management Files Lawsuit Against London Metal Exchange for $456 Million for Nickel Trades Suspension & Cancellation “

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Elliott Investment Management 

Founded in 1977, Elliott Investment Management L.P. (together with its affiliates, “Elliott”) is one of the oldest fund managers of its kind under continuous management.  As of December 31, 2021, Elliott manages approximately $51.5 billion in assets. The firm employs a staff of 480 people, including nearly half dedicated to portfolio management and analysis, trading and research, in its Florida headquarters and affiliated offices elsewhere in the United States, Europe and Asia.

The firm employs a multi-strategy trading approach that encompasses a broad range of strategies, including, without limitation: equity-oriented, private equity and private credit, distressed securities, non-distressed debt, hedge/arbitrage, real estate-related securities, commodities trading and portfolio volatility protection.

Paul Singer is the Founder, President, Co-Chief Executive Officer, and Co-Chief Investment Officer of Elliott Investment Management L.P. Mr. Singer is also a member of the Management, Risk, Valuation and Global Situational Investment Committees. Mr. Singer is the Founder of The Paul E. Singer Foundation and Co-Founder of Start-Up Nation Central. He is also Chairman of the Manhattan Institute for Policy Research.

Mr. Singer holds a B.S. in Psychology from the University of Rochester and a J.D. from Harvard Law School.

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