(Bloomberg) – Elliott Investment Management refuses to allow lawsuits against the London Metal Exchange in the 2022 nickel crisis, filed with the UK Supreme Court.
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Elliott proposed the LME decision to retroactively cancel the $12 billion deal when nickel prices rose in March 2022, but two UK courts ruled that the exchange's actions were legal.
In the latest news on its website, the Supreme Court said, “The appeal has no permission to appeal on the grounds of disputeable legal points.”
Elliott bets on rising nickel prices, claiming that LME's decision lost more than $450 million. In 2023, a British court rejected the case, ruling that LME executives had extensive discretion to make an emergency decision on the market, which the Court of Appeal last year upheld.
The decision comes as the UK's Financial Conduct Authority fined £9.2 million ($11.9 million) for its failure in the crisis, despite being related to LME's systems and controls, rather than the final decision to cancel the transaction.
A LME spokesman said the Supreme Court decided to refuse to appeal “to propose a line under these judicial review procedures” and that LME and LME Clears can now focus on the future.
An Elliott spokesman declined to comment.
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