Barclays Sued by Fund for $850 Million in Metal Market Abuse
- Red Kite claims Barclays manipulated copper prices on LME
- Barclays denies allegations in case filed in London courts
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Red Kite Management Ltd., the world’s largest metals hedge fund, is suing Barclays Plc for alleged market abuse in the copper market that it claims cost the firm at least $850 million between 2010 and 2013.
The case pits a $2 billion hedge fund against a bank that has been hit by a number of scandals in previous years, including large fines for manipulating Libor, the benchmark for interest rates.