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U.S. suits hobble Deutsche Bank's bid to sell gold fix seat
By Clara Denina and Jan Harvey
Friday, April 25, 2014
LONDON -- Deutsche Bank may end up resigning its seat on the London gold fix rather than selling it as U.S. lawsuits alleging price rigging against the five banks that set the benchmark deter potential buyers, industry sources said.
Over the past two months, U.S.-based investors and traders have filed nearly 20 antitrust claims accusing Barclays, Deutsche Bank, HSBC, Bank of Nova Scotia, and Societe Generale of colluding to manipulate the gold price.
At the time the initial suits were filed, Societe Generale called the claims "unsubstantiated" and Deutsche Bank described them as "without merit." ...
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