Members of the London Gold fix accused of Manipulation in New York Court
Victoria Hewitt-Marsh, News Editor
5 Mar 2014, 11:23 a.m.
The 5 permanent members of the London Gold Fix, Barclays Bank, HSBC Holding, Bank of Nova Scotia and Société Générale have been accused in a lawsuit lodged in New York of manipulating the London gold fix.
New York resident Kevin Maher, who traded gold futures and options, is suing the banks claiming they worked together to manipulate the century old benchmark.
The lawsuit cites a recent report undertaken by researchers from New York University which highlighted unusual pricing patterns relating to the fix. Maher is attempting to seek damages for investors who traded gold and gold derivatives based on the London fix from 2004.