Trading

Citi ordered to pay commodities trader $14m over Asian deals

London court orders bank to pay Mercuria Energy Group in a dispute over a series of soured Chinese metal deals

Citi ordered to pay commodities trader $14m over Asian deals

A London court has ordered Citigroup to pay about $14 million to commodities trader Mercuria Energy Group in a dispute over a series of Chinese metal deals that turned sour.

Justice Stephen Phillips of London's High Court ordered Citi to pay Switzerland-based Mercuria $13.6 million plus interest for damages related to a transaction in which the bank failed to deliver metal paid for by Mercuria last year.

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