New Yorker Sues Major Banks for Gold Fix Manipulation

Bloomberg reported yesterday that New York resident Kevin Maher is suing Barclays plc (NYSE:BCS), Deutsche Bank AG (NYSE:DB) and three other banks in Manhattan federal court. Maher, who says he has “bought and sold gold and gold futures and options,” has accused the banks of manipulating the London gold fix.

As quoted in the market news:

Maher cited press reports in his complaint, including a Bloomberg News story last week on a draft paper by two researchers showing what they said were unusual pricing patterns connected to the gold fix. The paper was the first study to raise the possibility that the banks, which also include Bank of Nova Scotia, HSBC Holdings Plc (HSBA) and Societe Generale SA (GLE), may have been actively working together to manipulate the benchmark.

Click here to read the full Bloomberg report.