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US: First-ever US metals manipulation suit filed in New York

By  |  November 26, 2014

In the first law suit of its kind in the US, four major companies have been sued for alleged metals market manipulation.

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    Reports say Goldman Sachs, HSBC, BASF and South Africa’s Standard Bank Group are slated to appear in a Manhattan court following the case filed by Modern Settings, a Florida-based jewelry and police badge maker, according to reports.

    The companies are accused of colluding to manipulate platinum and palladium prices for eight years. Specifically, Modern Setting claims the conglomerates used insider consumer purchasing data to profit from slight changes in the metals’ prices.

    The plaintiff says the collusion began in 2007.

    Full content: RT

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