Another class action anti-trust lawsuit filed against the members of the London fix
Adam Pike, News Editor
31 Mar 2014, 11:18 a.m.
A second class action anti-trust lawsuit has been filed against the five permanent members of the London Fix.
The lawsuit was filed last week in a New York court. It complains the London fix is anti-competitive as it allows market competitors to privately set prices. The lawsuit has been filed by two firms and draws on evidence supplied by both news organisations and work undertaken by GATA consultant, James McShirley.
This is the second class action lawsuit filed against the permanent members of the London fix following AIS Capital Management’s decision to sue for damages.
The five members of the gold fix are HSBC Holdings, Barclays Bank, Deutsche Bank, Bank of Nova Scotia and Société Générale.
The gold fix is a benchmark used by industry participants such as central banks and jewellers to price deals. This latest news closely follows Deutsche Bank’s decision to sell its seat on the fix following an investigation by the German regulator into possible gold price manipulation.