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U.S Lawsuits puts the break on Deutsche Bank’s gold fix sale


Duncan Richardson, News Editor
28 Apr 2014, 11:41 a.m.

Deutsche Bank may end up resigning its seat on the London gold fix as potential buyers become concerned by the number of U.S. lawsuits claiming the five permanent members of the fix colluded to manipulate the price.

In the last two months alone 20 separate lawsuits have been filed against Barclays, Societe Generale, HSBC, Deutsche Bank and Bank of Nova Scotia. According to industry insiders the court cases are making any sale unlikely until the legal action can be resolved.

The gold fix is a pricing benchmark used by industry participants such as central banks and jewellers to price deals.

Since the Libor scandal, financial regulators have started to scrutinise the processes underpinning the London gold fix and other commodity based benchmarks.

View original source at: in.reuters.com

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