A PYMNTS Company

Multinational: Class action filed against banks for gold fixing

 |  March 5, 2014

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.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    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.