The US Judicial Panel on Multidistrict Litigation has ordered that 18 lawsuits alleging a conspiracy to manipulate gold prices be consolidated into one proceeding in New York, according to Reuters.
The cases will now be sent to US District Judge Valerie Caproni in Manhattan, who has already been overseeing more than two dozen cases, according to the publication.
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The lawsuits name the multinational banks that make up the London Gold Market Fixing, the company operating the global gold price benchmark known as the ‘fix’.
The century-old gold fix is a standard price for the metal that the banks set twice a day over the telephone. A variety of gold traders claim they were harmed by a scheme to manipulate the fix.
According to the panel, only one of the 18 lawsuits was not filed in New York.
Bank of Nova Scotia, HSBC, Societe Generale and Barclays make up the London Gold Market Fixing Ltd.
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