Asian trader Foreland clashes with broker IG Asia over cancellation of London nickel trades

Foreland, an Asia-based trader, is battling IG Group Holdings Plc to recoup profits from the 2022 nickel short squeeze, saying the online broker should have paid out on bullish bets despite the underlying trades being canceled on the London Metal Exchange.

As in previous high-profile cases brought by investors including Elliott Investment Management and AQR Capital Management, the lawsuit centers on the LME’s unprecedented decision to suspend the nickel market and reverse billions of dollars of trades made at record levels in March 2022. However, this case targets a broker, unlike previous lawsuits that were against the LME.