DEUTSCHE BANK SETTLES GOLD PRICE MANIPULATION CASE
by Louis Cammarosano, Smaulgld
German Bank Settles Gold Price Manipulation Case – Will Cooperate Against Four Other Banks Named in Suit.
Settlement comes one day after Deutsche Bank settles silver price manipulation case.
London Gold Fixing Case Settled as Yuan Based Gold Fix Set To Commence
Deutsche Bank (DB) has agreed to settle a case filed in December 2014: In re: Commodity Exchange Inc Gold Futures and Options Trading Litigation that alleged that DB conspired with The Bank of Nova Scotia, Barclays Bank plc, HSBC Bank plc, Société Générale SA and The London Gold Market Fixing Limited to manipulate the price of gold.
The Bank of Nova Scotia and HSBC Holdings plc were also named as co-defendants along with DB in the silver price manipulation case that DB has agreed to settle. The lawsuit focuses on gold price manipulation involving the The London Gold Fixing Company that was established in 1919 by NM Rothschild & Sons, Mocatta & Goldsmid, Samuel Montagu & Co., Pixley & Abell and Sharps & Wilkins.
The London Gold Fixing Company follows an archaic practice whereby five banks set the price of gold twice daily following a private conference call by representatives of Barclays Plc, Deutsche Bank AG, Bank of Nova Scotia, HSBC Holdings Plc and Société Générale SA, all of which were named in the lawsuit.