The investment firm sued the exchange for $456m in damages after a historic trading shutdown
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Highest-paid director pockets £28.7m in bumper year for the hedge fund
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The LME’s counsel argued the exchange had a regulatory obligation to intervene and that Elliott was repeating arguments already struck down by the lower court
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Elliott said the LME failed to disclose all relevant information before it went to court in June 2023
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Elliott is appealing a November High Court verdict that backed the LME’s decision to void billions in trades
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The court said it would not second-guess the LME’s ‘specialist decision-maker’ role
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The LME faced a $470m lawsuit over last year's nickel crisis, but judges rule exchange was allowed a 'margin of discretion'
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The exchange argued the crisis would have caused further 'significant and systemic damage' but for its intervention
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Elliott and Jane Street said that even if the LME had the power to cancel trades, it was 'unlawful' to do so without a stated policy ahead of the time
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A lawsuit against the exchange from Elliott Management and Jane Street will be heard from 20 to 22 June
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Elliott, one of the biggest and most prolific activists, often seeks board representation and pushes for companies to make operational improvements and other changes
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Without intervention the nickel market would have been subject to a $20bn margin call, LME says, as it fights back against trader legal action
Mizuho Securities analyst Dan Dolev said PayPal should focus more on its checkout button and spend less time on other projects such as cryptocurrencies