Court of Appeal overturns judgment on LME warehousing rules

The UK Court of Appeal has upheld the London Metal Exchange’s appeal against the High Court judgment on its consultation on warehousing rule changes.

Mr Justice Phillips originally ruled in the High Court that the consultation and ensuing change to load-in and load-out rates were “unlawful”, following litigation brought by aluminium producer United Co Rusal earlier in the year. A ruling by the Court of Appeal on Wednesday October 8 overturns this judgment, which stated that fairness called for the LME to consult on other options – specifically, the option of banning or capping warehouse rents in queues. “We...

Published

Claire Hack

October 08, 2014

11:50 GMT

London