Class Action Lawsuit Filed Against Major Dealers Claims ‘Platinum and Palladium Price-Fixing Conspiracy’

Law firm Labaton Sucharow LLP has filed a nationwide class action lawsuit against platinum and palladium dealers such as Goldman Sachs (NYSE:GS) Standard Bank (JSE:SBK) and BASF (FSE:BAS) regarding the manipulation benchmarks used to price the precious metals.

As quoted in the press release:

Since at least 2007, plaintiffs allege that Goldman Sachs, HSBC, Standard Bank, and BASF used their influence over the Platinum and Palladium Fixings to manipulate the prices for these metals to enrich themselves at the expense of other market participants. The manipulative conduct included front running and “spoofing” of buy and sell orders. These entities also allegedly shared and discussed customer order flows so they could better coordinate their strategies and increase their own financial gains. Investors in these commodities and platinum- or palladium-based financial products, like NYMEX platinum or palladium futures and options, lost millions of dollars as a result of this conduct.

Click here to read the full Labaton Sucharow LLP press release.