On 29 November 2023, the Divisional Court handed down judgment dismissing claims brought by various funds and traders against the London Metal Exchange and its clearing house, LME Clear. The claims arose out of events on 8 March 2022, when an unprecedented spike in the price of nickel futures on the LME led to the suspension of trading in nickel and the cancellation of nickel trades worth an estimated $12 billion. The claimants sought judicial review of the LME’s cancellation decision, and damages against the LME under the Human Rights Act. The judicial review was heard in June 2023 and featured as one of The Lawyer’s Top 20 cases of 2023. The claims were dismissed in their entirety.
The judgment is available here.
Rebecca Loveridge acted for the LME and LME Clear, together with Jonathan Crow CVO KC, James McClelland KC, Emily MacKenzie and Alastair Richardson.