OREANDA-NEWS. UC RUSAL (SEHK: 486, Euronext: RUSAL/RUAL, Moscow Exchange: RUALR/RUALRS), a leading, global aluminium producer, announces that following a claimant case brought by RUSAL against the London Metal Exchange at the High Court of Justice, the presiding judge, Mr Justice Phillips found in favor of RUSAL.

The award was issued in favor of RUSAL by Mr Justice Philips, who found that the LME's original consultation and subsequent proposed rule change, were unlawful because fairness required the LME to consult on alternative options and, in particular, the option of the banning or capping of rents.

As a result of this ruling, the LME's original decision will be quashed and they will be required to carry out a fair and lawful consultation process which addresses the concerns of a number of market participants raised prior to and following the initial consultation process.

Commenting on the judgment, Oleg Deripaska, CEO of RUSAL said:

“We welcome this decision by the High Court and look forward to working closely with the LME, and indeed all key stakeholders, to ensure that the revised consultation period and subsequent rule changes serve to increase the integrity of price discovery and transparency across the market, which we believe are the key issues continuing to face the sector.”