Goldman Sachs and HSBC were sued in New York over claims they conspired for eight years to manipulate prices for the precious metals platinum and palladium in what plaintiffs’ lawyers say is the first class-action lawsuit of its kind in the U.S.
Standard Chartered sued Chen Jihong, the owner of a metals trading company at the centre of a loan fraud investigation in eastern China, for $35.6m the bank says it’s owed under a loan agreement.
Credit Suisse said it remains committed to commodities and sees 'strategic opportunities' as banks including Barclays and Deutsche Bank retreat from the field.
A lawsuit filed on Friday alleges that Goldman Sachs, JPMorgan, the London Metal Exchange and metal warehouse operators have conspired since 2010 to manipulate the price of zinc in the United States.
Goldman Sachs has put its metals warehouse business up for sale, according to a spokesman.
Cantor Fitzgerald has announced the expansion of its Investment Banking team with the appointment of Graham Moylan as a Managing Director who will focus on the Metals and Mining sector.
TD Securities, a unit of Toronto Dominion Bank, will consider applying for London Metal Exchange membership as it expands in industrial metals.
Germany’s top financial regulator said possible manipulation of currency rates and prices for precious metals is worse than the Libor-rigging scandal, which has already led to fines of about $6bn.
Here's something authored by a young(ish) metals trader.
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.
Germany's financial regulator will take no further action against Deutsche Bank over alleged interest rate rigging and precious metals price fixing, the country's largest bank said last week.
Metals prices may have outperformed oil over the past 20 months, but that's unlikely to continue, with metals set to keep dropping while crude recovers, Goldman Sachs said.