(Yicai) Nov. 30 -- The London Metal Exchange won the lawsuit US hedge fund Elliott Investment Management filed against the LME for canceling billions of US dollars of nickel trades last year.

Charges from Elliot’s hedge fund Elliot and market maker Jane Street were dismissed, according to a United Kingdom High Court ruling yesterday.

Elliott Associates and Jane Street filed a lawsuit against the Hong Kong Stock Exchange’s units LME and LME Clear to the UK High Court for canceling nickel trades on March 8, last year. The two firms claimed USD456 million and USD15.3 million, respectively, in compensation.

On March 7, last year, nickel prices quickly soared on the LME. They continued to rise also the following day, doubling to a record high of USD100,000 per ton. Nickel prices jumped nearly 250 percent in those two days.

After discussing with LME Clear, the LME decided to suspend all nickel trades from 8.15 a.m. on March 8, and canceled all transactions since midnight that day. Trading was resumed on March 16.

The LME has been acting in the interests of the entire market, the HKEX said back then. The LME canceled all transactions to bring the market back to the time when the exchange was sure it was running in an orderly manner, the HKEX added.

Editor: Futura Costaglione