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Investors Lose Legal Bid Against Exchange Over Nickel Market Blowup - The Wall Street Journal

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Nickel is an essential component of electric-vehicle batteries and Indonesia is by far the world’s largest producer. A rare visit to one of its biggest nickel plants reveals the heavy environmental cost of mining and processing the metal. Photo: Ulet Ifansasti

LONDON—The London Metal Exchange chalked up a big victory over investors on Wednesday, when a court said it was within its rights to

cancel trades during a high-profile blowup in the nickel market sparked by Russia’s full-scale invasion of Ukraine.

The U.K. court rejected claims by activist fund Elliott Investment Management and market maker Jane Street Global Trading that the exchange had overstepped its powers by nixing $12 billion in trades in March last year. Had they won, Elliott and Jane Street planned to claim hundreds of millions of dollars in damages combined in a follow-on trial.

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November 29, 2023 at 07:54PM
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Investors Lose Legal Bid Against Exchange Over Nickel Market Blowup - The Wall Street Journal
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