LME Shelves ‘Unfair’ Warehouse Rule After Rusal Wins Lawsuit
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The London Metal Exchange postponed the implementation of a new warehousing rule after a U.K. judge said its decision was “unfair and unlawful” in a lawsuit brought by United Co. Rusal.
Judge Stephen Phillips overturned the rule and ordered a review of the LME consultation in a written judgment handed down in Manchester, England today. One part of warehousing changes scheduled to begin on April 1 now won’t be implemented because of the judgment, the LME said in an e-mailed statement.