A class-action suit has been filed against Barclays, Deutsche Bank, HSBC, Societe Generale and Bank of Nova Scotia in New York federal court alleging they have conspired to manipulate the London gold fix, a twice-daily benchmark price used as a reference for trade in gold and gold derivatives.
Plaintiff Kevin Maher, a New York resident who has bought and sold gold futures and options, in his petition claimed that the defendant banks have abused their positions as members of the London Gold Market Fixing to manipulate the London benchmark gold price.
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The complaint cited recent studies, analyses and press reports showing unusual pricing patterns connected to the gold fix.
Maher also alleges that some regulators and the banks themselves have investigated possible fraud in the way the Gold Fix works.
In January, Deutsche Bank said it would pull out from the panels setting the gold and silver fixings.
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By GlobalData
