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Commodities

LME hit by $450m lawsuit from Elliott Management over nickel market chaos

U.K. regulators probe trading suspension that took place in March

Traders and clerks work on the floor of the London Metal Exchange in July 2011.   © Reuters

HONG KONG/LONDON (Financial Times) -- U.S. hedge fund Elliott Management is suing the London Metal Exchange for more than $456 million over its decision to cancel nickel trades in March after an unprecedented surge in the price of the metal.

Elliott filed the suit through two vehicles against the LME and LME Clear, the exchange's clearing house, on June 1 in England's High Court of Justice, said LME's owner Hong Kong Exchanges and Clearing on Monday.

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