HSBC says probe has ended into metals

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HSBC has said that the U.S. Justice Department shut an antitrust probe into precious metals trading as prosecutors focus on a criminal fraud investigation.

Bloomberg News reports that the bank was informed in January that the antitrust division was closing its investigation, while the probe run by the fraud section is ongoing, the company disclosed in a filing on Thursday. HSBC didn’t immediately comment on the disclosure.

HSBC was among at least 10 banks that were under investigation by the Justice Department over alleged manipulation of precious-metals prices, Bloomberg reported last year. 

The U.S. move doesn’t rule out antitrust enforcement from other regulators after European Union and Swiss officials started probing HSBC’s precious-metals operations. The EU and Swiss investigations are ongoing, according to spokesmen.

Hit the link below to access the complete Bloomberg News article:

HSBC Says U.S. Ends Antitrust Probe Into Bank's Metals Trading

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