Goldman Sachs Resolves Decade-Old Metal-Rigging Class Action Lawsuit

Goldman Sachs Group Inc. has reached a settlement in a long-standing class action lawsuit, putting an end to allegations of market manipulation in the platinum and palladium markets that have lingered for over a decade.

The investment bank, along with several other defendants, has been embroiled in legal battles since 2014 over accusations of conspiring to manipulate the values of these precious metals.

According to a filing made on Friday, Goldman Sachs confirmed that it had reached an in-principle settlement to resolve the class action lawsuit, which originated from claims of collusion to manipulate benchmark prices for physical platinum and palladium. The agreement, however, is still subject to final documentation and court approval, indicating that the resolution process is not yet fully concluded.

The lawsuit, which dates back to 2014, alleged violations of antitrust laws by Goldman Sachs and other parties involved. The plaintiffs claimed that the investment bank, along with other defendants, had engaged in activities aimed at artificially influencing the prices of platinum and palladium, thereby affecting market dynamics and potentially harming investors.

In response to the settlement, Goldman Sachs disclosed that it had set aside reserves to cover its contribution to the settlement amount.

Source: Reuters