Gold fix banks will have to reveal correspondence for antitrust lawsuit

Section:

Scotia Will Have to Reveal Internal Correspondence in Gold Fixing Case, Lawyer for Plaintiffs Says

By Barbara Shecter
National Post, Toronto
Tuesday, October 11, 2016

http://business.financialpost.com/news/fp-street/scotia-will-have-to-rev...

Large global banks targeted in a lawsuit alleging price fixing in the gold market, including Canada's Bank of Nova Scotia, will have to turn over internal emails and other correspondence spanning several years as the case moves ahead, says Daniel Brockett, the New York lawyer who is spearheading the U.S. lawsuit.

"They have to produce all the relevant emails and chat-room instant messages, however they communicated with each other," Brockett said in an interview after Valerie Caproni, a judge in the U.S. District Court for the Southern District of New York, ruled this past week that a portion of the case can move forward.

... Dispatch continues below ...



ADVERTISEMENT

K92 Mining Begins Gold Production at Kainantu Mine

Company Announcement
Wednesday, October 5, 2016

K92 Mining Inc. is pleased to announce that gold production has commenced from the Irumafimpa gold deposit.

Ian Stalker, K92 Chief Executive Officer, says: "This milestone is highly significant for our company, and for this region of Papua New Guinea. A great deal of thanks goes to the entire team on site in PNG in achieving production ahead of schedule and on budget. The rehabilitation of the Irumafimpa gold mine, process plant, and associated infrastructure commenced in late March and is now complete. As an enhancement of the processing facility, we are also pleased to note that the installation of a new drum scrubber is also nearing completion and commissioning of this will be completed by the end of the month. ..."

...For the remainder of the announcement:

http://www.k92mining.com/2016/10/6077/



Caproni reduced the class period to six years ending in 2012 and dismissed a claim of unjust enrichment, but Brockett said the "core" claims were maintained in the ruling that rejected the banks' motion to have the case dismissed.

"The ruling is a major victory for the plaintiffs because it upholds the core anti-trust claim against the five fixing banks and the statutory commodity manipulation claim against the five fixing banks," said Brockett, a senior litigation partner at Quinn Emanuel Urquhart & Sullivan LLP.

Investors behind the lawsuit allege Scotia, Barclays PLC, HSBC Holdings PLC, Societe Generale, and Deutsche Bank PLC conspired to manipulate the price of gold through twice-daily meetings where the small group of banks convened to set the spot price. None of the allegations have been proven.

The plaintiffs will now seek documents from the banks during a discovery period, which Brockett expects to last between 18 months and two years.

* * *

Join GATA here:

New Orleans Investment Conference
Wednesday-Saturday, October 26-29, 2016
Hilton New Orleans Riverside
New Orleans, Louisiana
http://neworleansconference.com/wp-content/uploads/2016/08/2016_Powell.h...

Help GATA by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

Or by purchasing a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

http://tinyurl.com/zr4tjuc

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16