Jurisdiction(s):
United Kingdom

Judicial review dismissed; High Court upholds LME cancellation of nickel trades: specialist latitude, ‘disorderly market’ endorsed, and prospective contracts not possessions under A1P1 (R (Elliott Associates) v LME)

Published on: 15 January 2024

Published by a LexisNexis Financial Services expert

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Article summary

R (on the application of Elliott Associates LP and others) v London Metal Exchange and another [2023] EWHC 2969 (Admin)

What are the practical implications of this case?

This judgment serves as a strong reminder of the generous leeway the courts will grant to regulators and decision‑makers. The court acknowledged that the Defendants reached their decision quickly and in conditions of significant pressure. It further restated what a Claimant must show to pursue judicial review, namely that there is a clear divide between criticising the merits of decisions made under pressure and alleging that such decisions are unlawful. Where urgent steps are taken by decision‑makers relying on informed expertise and a detailed understanding of niche areas of commercial activity, the court will not second‑guess those choices. So long as decision‑makers can demonstrate the evidential basis upon which they acted, and the decision reached is neither unreasonable nor uninformed, that decision will not be open to challenge. The emphasis, therefore, rests on the informed process by which the decision was taken rather than its perceived merits, particularly where the subject matter is specialised and time‑critical...

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