A group of hedge funds that sued the London Metal Exchange over the 2022 nickel crisis have dropped their legal action after similar arguments made in separate proceedings were rejected by UK courts.
The move means the exchange, which sparked fury by canceling $12 billion in trades after nickel prices surged due to a short squeeze, has faced down some $600 million in legal claims from some of the world’s highest profile investors.
Funds including AQR Capital Management, DRW Commodities LLC, and Pala Investments Ltd. had sued the LME claiming more than $100 million in damages over the 2022 nickel ...
