HSBC, Goldman Sacs, Standard Bank and German industrial giant BASF are being sued in a New York court for manipulating the platinum and palladium price.

The companies have been accused of manipulating the palladium and platinum London Fix and the options and futures price which is based on those fixes.

Plaintiff, Modern Settling LLC, a jeweller who buys precious metals and precious metal derivatives claims customers lost millions of dollars because the defendants shared customer information and used this data to “front run” future trades. All the companies accused have failed to comment on the accusations.

Platinum and palladium are primarily used in catalytic converts to reduce the level of the carbon omissions.