Elliott Investment Management has filed a new lawsuit against the London Metal Exchange, alleging that the exchange’s handling of the 2022 nickel crisis violated UK competition rules. In March 2022, nickel prices surged to over $100,000 per metric ton before the LME suspended trading and cancelled all trades totaling approximately $12 billion in notional value. Elliott, which had profited from those cancelled trades, is now seeking damages through a different legal theory after its previous attempts were rejected by UK courts. The Financial Conduct Authority fined the LME £9.2 million in March 2025 for failures in managing market disruptions, marking the FCA’s first-ever enforcement action against a UK exchange.
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