BREAKING NEWS: Legal proceedings start in nickel-related warehouse fraud

Natixis has filed a lawsuit against brokerage Marex Spectron relating to an alleged multi-million-dollar fraud to recover losses incurred in this year’s nickel-related warehouse receipt forgery, Marex confirmed on Friday May 26.

“We can confirm that Natixis has issued a claim against Marex Spectron which we will vigorously defend,” Marex said in a statement to Metal Bulletin.
The lawsuit, which is expected to be followed by further legal action from various parties caught in the fraud, comes four months after warehouse company Access World revealed that forged nickel receipts were in circulation in the market.

“This fraud at Access World is not a situation of our making, having had the receipts authenticated pre-trade, and ultimately it was through our checks that the fraud was identified and the authorities alerted,”...

Published

Perrine Faye

Archie Hunter

May 26, 2017

17:33 GMT

London