Hedge funds AQR and others case against LME dismissed - judge

Flow Traders

23/12/2022 10:54

Dec 23 (Reuters) - 
    A British judge on Friday dismissed a case against the
London Metal Exchange brought by hedge fund AQR Capital
Management and others that demanded phone call transcripts and
meeting notes about the exchange's decision in March to cancel
nickel trades.    
  
        Justice Adrian Beltrami said in his ruling that even if
there was, on the part of the LME a "good arguable case of
wrongdoing," the judge considered "the merits of the case as
weak."    
  
        AQR and others filed legal action in September after a
wild price spike in nickel spurred the LME to cancel deals worth
billions of dollars, which they said led to "significant losses"
for market participants.
    The other claimants in the filing at the London Commercial
Court were Winton Capital Management, Capstone Investment
Advisors, Flow Traders  FLOW.AS  and DRW Commodities.
 (Reporting by Nell Mackenzie; Editing by Amanda Cooper)
 ((Nell.Mackenzie@thomsonreuters.com;))