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Deutsche Bank to Pay $60Mn to Settle U.S. Gold Price-Fixing Case
[Photo: Tilman AB / Wikimedia Commons]
Deutsche Bank agreed to pay $60 million to settle private U.S. antitrust litigation by traders and other investors who accused the German bank of conspiring to manipulate gold prices at their expense. The preliminary settlement was filed on Friday with the U.S. District Court in Manhattan, and requires a judge's approval. In October, DB agreed to pay $38 million to settle similar litigation over alleged silver price manipulation.
The case is one of many in the Manhattan court in which investors accused banks of conspiring to rig rates and prices in financial and commodities markets.
Investors sued Deutsche Bank, Barclays, Bank of Nova Scotia, HSBC Holdings and Societe Generale in 2014, claiming that they conspired to fix gold prices from 2004 to 2013. While the investors didn’t estimate the size of the banks' gold portfolios, they said the gold derivatives market alone reached $650 billion during the class period.
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