LME warehousing policy 'breaches Rusal's human rights': source

Dec 24, 2013 | 01:41 PM | Claire Hack

Tags  London Metal Exchange, LME, United Co. Rusal, UC Rusal, warehousing policy, legal actiion, aluminum, European Convention on Human Rights Claire Hack

LONDON — United Co. Rusal (UC Rusal) has filed a lawsuit claiming the London Metal Exchange’s decision to implement a new warehousing policy breaches its rights under the European Convention on Human Rights, a source close to the company said.

UC Rusal claims the decision breaches its right to "the peaceful enjoyment of its possessions," as economic interests and goodwill related to a business are deemed to fall under the definition of possessions, the source said.

A judicial review, in which the LME has been named as a defendant, will be heard in the High Court of England and Wales in February or March, ahead of the implementation of the proposed rule change April 1, the source said.....

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