The five banks tasked with setting the London benchmark gold price have been accused of manipulating prices in a federal lawsuit filed at a New York court.
New York resident and COMEX trader Kevin Maher, who filed the report, claims the banks – Societe Generale, Deutsche Bank, Barclays, Bank of Nova Scotia and HSBC – colluded to manipulate prices for profit in a large scale fraud plot.
Maher, who says he bought and sold gold, gold futures and options, has filed the suit on behalf of himself and other investors who held or traded gold and gold derivatives based on the bank-set gold fix from 2004 to now. The lawsuit is seeking unspecified financial compensation.
Read more....
