Trafigura Settles Billionaire Reuben Brothers’ Nickel Fraud Suit

Commodity trader Trafigura Group has settled a London lawsuit brought by the billionaire Reuben brothers after selling them a cargo of “nickel” that was part of a high-profile fraud.

Trafigura is still dealing with the fallout of a massive alleged nickel scam that rocked global metal markets last year, when the trader revealed it had paid nearly $600 million for nickel only to discover that the cargoes actually contained worthless rubble.

The Reuben brothers brought the case through their company Hyphen Trading Ltd., claiming that Trafigura had delivered fraudulent shipping documents when it sold them a cargo of nickel. Hyphen ...