Plans for Germany’s Deutsche Bank to sell its potion on a panel that determines the gold fix benchmark could be thwarted thanks to lawsuits filed in the US over allegations the panel manipulated the benchmarks.
According to reports, Deutsche Bank may resign its seat after negotiations to sell the position were complicated in recent months. The US cases claim the banks, including Barclays, HSBC, Bank of Nova Scotia and Societe Generale, colluded to manipulate the price of gold around the world through their positions on the London gold fix.
The banks have denied the allegations, including Deutsche Bank, which described the charges as “without merit.”
But according to a source close to the matter, Deutsche cannot sell its seat on the fix. “Which institution would want to buy the Deutsche seat knowing about all these lawsuits for manipulation?” the source questioned. “Nobody will buy it until the cases are resolved.”
Nearly 20 lawsuits have been filed this year over related charges.
Full content: Chicago Tribune
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Google and South Carolina Clash Over State Records Demand
May 8, 2024 by
CPI
Telefonica Germany Teams Up with Amazon Web Services to Migrate 5G Customers
May 8, 2024 by
CPI
Federal Judge Grants $7.4 Million Settlement in Pork Price-Fixing Case
May 8, 2024 by
CPI
Wilson Sonsini Bolsters Antitrust and Competition Practice with Key Partner Returns
May 8, 2024 by
CPI
EU to Scrutinize Telecom Italia’s Network Sale to KKR
May 8, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI