Rusal to turn to UK Supreme Court over LME case
MOSCOW, October 8 (RAPSI) - United Company Rusal, the world’s largest aluminum producer, will be seeking permission to take the case over the new rules introduced by the London Metal Exchange (LME) to the UK Supreme Court, reads the statement of the Russian company released on Wednesday.
The LME introduced the new warehouse rules aimed at speeding up withdrawals of metals in November 23013. The rules were due to take force in April when Rusal filed a suit with the High Court of London seeking to halt their implementation.
The company urged the LME during the initial consultations to delay implementaion of its rules and release more information to the market to allow its participants to consider the changes.
The court ruled in March in favour of Rusal. It held that the consultation process was "unfair and unlawful".
The LME appealed the judgment which was overturned.