Courts sometimes reach what seem to be hugely counter-intuitive conclusions and decisions; but when they make their opinions known, we have to go along with them. So it is with the recent US court decision that the LME is “an organ” of the UK government.
The counter-intuitive bit is that the LME is a privately owned, for profit company; these days, its shareholders are even from outside the UK. Despite that, though, the judge who made the ruling reached her conclusion on the basis that the LME has the very public responsibility of market regulation, and that tipped the balance.
The ruling surely came as a relief to the LME and its executives. It is hard to focus on the day job when your attention, and to a degree the market's, must continually revert to lawsuits, however unfounded they appeared.
The suits against the other defendants have also mostly been...