UPDATED: Second Lawsuit Filed Against "London Gold Fix" Banks for Manipulation - Gainesville Coins News
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UPDATED: Second Lawsuit Filed Against "London Gold Fix" Banks for Manipulation

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UPDATED: Second Lawsuit Filed Against "London Gold Fix" Banks for Manipulation
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UPDATED: Investment firm AIS Capital Management has filed a class-action lawsuit against the five banks that constitute the group that set the London Gold Fix benchmark price.

This is the second lawsuit in as many weeks against the five megabanks, charging them with manipulation of the gold price.

The lawsuit names as plaintiffs AIS and any other investor in gold or gold derivatives. or held or traded COMEX gold options based on the London Gold Fix price between 2004 and the present.

Of the five banks named, Deutsches Bank claimed the suit was without merit, and it would vigorously defend itself. The Bank of Nova Scotia did not return requests for comment, while the three remaining banks, HSBC, Barclays, and Societe Generale, refused to comment.

This lawsuit joins the one filed March 3 by Kevin Maher against the five banks, claiming they manipulated the gold price. He also is seeking to have his suit certified as a class-action suit.

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These lawsuits follow news that Germany's top financial regulator, known by the abbreviation BaFin, had expanded its currency manipulation probes to include precious metals, and had requested documents from Duetsche Bank. DB abruptly announced that it was ending its participation in the London Gold Fix and London Silver Fix when the investigation became public.

UPDATE: News of another lawsuit against the London Gold Fix banks has been released. Law firm Kirby McInerney LLP filed the class-action suit in the Southern District of New York on behalf of Peter DeNigris.All these lawsuits are using a draft paper by Rosa Abrantes-Metz and Albert Albert Metz, two economists who uncovered the LIBOR manipulation scandal. They report that data on trades conducted during the gold fix process indicates possible manipulation of the gold fix price 50% of the time between January 2010 and December 2013.

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