The World’s Most Feared Investor Heads for Showdown With the LME – by Jack Farchy, Mark Burton and Jonathan Browning (Bloomberg News – June 17,2023)

(Bloomberg) — A decade ago, Paul Singer did battle with the government of Argentina — and won. Next week, the notoriously pugnacious hedge fund boss is taking on a bastion of the City of London, the 146-year-old London Metal Exchange.

For Singer, the case is personal, say several people familiar with the matter. When on March 8 last year the LME decided to cancel billions of dollars in nickel trades as prices skyrocketed, Singer was appalled and affronted, seeing it as a perversion of the free market with few precedents in the modern history of finance.

Within a day, his fund Elliott Investment Management had hired lawyers to pursue action against the exchange. Now, Singer’s fight is heading for a climax, as lawyers for Elliott and trading firm Jane Street take to the High Court in London to argue their case against the LME in a three-day hearing starting Tuesday.

Elliott is better known for its battles over sovereign debt, like the case against Argentina that included seizing one of the country’s warships, and for its activist investing – taking stakes in companies and agitating for change.

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