Market Slant: What happens next in antitrust suit against London gold fix banks
Dear Friend of GATA and Gold:
Market Slant, which last week broke the story about the advancement of the antitrust lawsuit against the banks involved with the daily London gold fix, today examines the discovery procedures ahead as the plaintiffs pry evidence out of the defendants, a process that could take a long time but also produce much incriminating evidence. Market Slant’s report is headlined “Gold Fix: ScotiaBank Ordered to Produce Internal Documents”
- Canada’s Bank of Nova Scotia has been ordered to turn over internal documents
- last week’s ruling was the first time a Gold and Silver manipulation case reached the discovery stage
- defendants are Scotia, Barclays PLC, HSBC Holdings PLC, Societe Generale, and Deutsche Bank PLC
- Deutsche settled out of court prior to the ruling
by Soren K and Vince Lanci, with contributions by Kitco News | Last week Marketslant was fortunate enough to break the story on Judge Caproni’s decision in the Gold Fix manipulation case. The decision is a landmark one and changes the landscape forever in commodity manipulation cases. Simply put, things are just getting started now. And today’s news is the first step.
We had received the original document from Kitco News’ Chief Editor “Dani“. Our goal at that time was to strip out the legalese and make the case particulars plain for readers. What was not discussed were the implications of the Judge’s finding for the Plaintiffs. In light of the first discovery demand, we will try to outline the rulings implications.
Original Story and Ruling HERE
UPDATE:Scotia Bank Gets Tapped for Documents
Today, we learned that Scotia Bank, one of 5 defendant banks in the case, is the first to be ordered to produce internal documents requested by the plaintiffs. These documents go back years covering emails, Instant Message records, internal memorandums, notes from risk meetings and anything the plaintiffs’ attorneys think to ask for that could help their case. Things are about to start getting interesting. Here’s why.
Why Things are Different Now
Judge Caproni’s decision was a landmark event for the plaintiffs. It is the first time that a precious metals manipulation case had made it past the “Opinion and Order” stage with a recommendation the case be litigated.
The decision is key in that the plaintiffs will be able for the first time to obtain evidence through discovery and depositions of the defendants. We cannot emphasize that enough. A barrier has been broken that cannot be put back in place. The production of discovery, depositions of witnesses, and other evidentiary processes have never been on the table before are now accessible.