Bloomberg reports that Kevin Maher, a New York resident who says he bought and sold gold and gold futures and options, sued Tuesday in Manhattan federal court claiming the five banks overseeing the century-old benchmark colluded to manipulate it.
Maher’s complaint cites press reports, including a Bloomberg News story last week on a draft paper by two researchers showing 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 and Societe Generale, may have been actively working together to manipulate the benchmark.
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