May 15, 2014 / 8:47 AM / 4 years ago

London Metal Exchange gets permission to appeal warehouse ruling

LONDON, May 15 (Reuters) - The London Metal Exchange (LME) said on Thursday it was granted permission to appeal against a court ruling that halted a reform aimed at cutting backlogs at its global warehouse network.

“We are pleased by the decision of the Court of Appeal to grant us leave to appeal and to expedite the appeal,” the LME said in a statement.

“We continue to believe that Rusal’s complaint was without merit in its entirety and are conscious of the need to find a solution for the market as quickly as possible.”

Russian aluminium producer Rusal won a court ruling in March that halted a reform to the LME’s warehouse policy because consultations had been “unfair and unlawful”. (Reporting by Eric Onstad; editing by Jason Neely)

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