A class action lawsuit has been filed in New York against some of the world’s largest banks over allegations the lenders manipulated the benchmark gold price, say reports.
New York resident Kevin Maher has sued Societe Generale, Deutsche Bank, Barclays, Bank of Nova Scotia and HSBC on claims the banks conspired to manipulate the benchmark. The banks are responsible for setting gold prices through a conference call that occurs twice daily.
The lawsuit follows recent revelations in a study that found possible collusion in the gold benchmark rate. Reports of the study’s findings were released earlier this week.
The suit is reportedly brought in behalf of investors who traded or held gold derivatives and that were based on the gold benchmark price since 2004. It was not disclosed what damages the lawsuit is seeking from the lenders.
Full Content: Reuters
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Uruguayan Antitrust Scrutiny Puts Major Meatpacking Deal Between Marfrig and Minerva on Hold
May 19, 2024 by
CPI
Alaska Airlines Seeks Dismissal of Consumer Lawsuit Over $1.9 Billion Hawaiian Airlines Buy
May 19, 2024 by
CPI
Idaho Attorney General Orders Split of Kootenai Health and Syringa Hospital
May 19, 2024 by
CPI
Court Rejects T-Mobile’s Appeal Bid in Antitrust Case Over Sprint Merger
May 19, 2024 by
CPI
Google Requests Judge, Not Jury, to Decide on Antitrust Case
May 19, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Ecosystems
May 9, 2024 by
CPI
Mapping Antitrust onto Digital Ecosystems
May 9, 2024 by
CPI
Ecosystems and Competition Law: A Law and Political Economy Approach
May 9, 2024 by
CPI
Ecosystem Theories of Harm: What is Beyond the Buzzword?
May 9, 2024 by
CPI
Open Ecosystems: Benefits, Challenges, and Implications for Antitrust
May 9, 2024 by
CPI