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Judicial review: Elliott Associates and Jane Street Global Trading

Background to the litigation

Elliott Associates and Jane Street Global Trading have begun lawsuits (specifically, claims for judicial review, and under the Human Rights Act 1998), which challenge decisions made by the LME in relation to the nickel market on 8 March 2022.

The LME’s position

The LME has set out further information regarding the decisions made on 8 March, and why they were taken, in notice 22/057.

The LME acted to secure a fair and orderly market in the interests of the market as a whole. It is the LME’s view that the actions taken on 8 March were within the LME’s powers, and that those powers were exercised fairly and proportionately.

Current status

Elliott and Jane Street received permission for their claims to proceed to the next stage in October 2022. The LME filed its detailed grounds of defence in November 2022. The LME continues to vigorously defend itself against the lawsuits brought by Elliott and Jane Street.

Pre-action disclosure: AQR Capital, DRW Commodities, Flow Traders, Capstone Investment Advisors and Winton Capital Management

In September 2022 hedge fund AQR Capital and four other parties (DRW Commodities, Flow Traders, Capstone Investment Advisors and Winton Capital Management) filed pre-action disclosure applications seeking further information and documents from the LME, surrounding the LME’s decisions in relation to the nickel market on 8 March 2022. The LME opposed the applications and argued they were wholly misconceived and that the requested disclosure was unnecessary.

On 23 December the court found in favour of the LME and rejected the applications in their entirety.

Download the full judgment (PDF)