Banks sued over gold price manipulation

|By:, SA News Editor

New York resident Kevin Maher files suit against the five banks who set the London gold fix each day, accusing them off price manipulation. The five: Deutsche (DB), Barclays (BCS), Scotiabank (BNS), HSBC, and SocGen (SCGLY).

The setting of the benchmark occurs twice a day in a teleconference through something resembling open-outcry. There are, of course, a number of investigations ongoing about illegal manipulation, and an academic study has found what it deems to be good evidence of collusion in the afternoon fix.