The London Metal Exchange faces new legal action over its decision to cancel billions of dollars of nickel trades after it emerged that more investment firms are seeking further information, according to court records.
AQR Capital Management, whose co-founder Clifford Asness has been a vocal critic of the exchange’s handling of the incident, is among five firms that have started a claim in London against the exchange, it emerged yesterday. It comes after Elliott, the aggressive American activist hedge fund, and Jane Street started suing the metal exchange for combined damages of more than $470 million earlier in the year over the affair.
The exchange was plunged into crisis in the early hours of March 8 when the price of its benchmark three-month nickel futures
