Legal News

Banks Accused of Manipulating the Benchmark
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

According to a filing with a U.S. federal court in New York, five banks involved in setting the London benchmark gold price have been accused in a lawsuit of price manipulation.

The banks which oversee the benchmark – Societe Generale (SOGN.PA), Deutsche Bank (DBKGn.DE), Barclays (BARC.L), Bank of Nova Scotia (BNS.TO) and HSBC (HSBA.L) are alleged to have manipulated the benchmark according to Kevin Maher, who is bringing the suit as a class action, on behalf of himself and other investors who held or traded gold and gold derivatives that were settled based on the gold fix, or who held or traded COMEX gold futures or options, from 2004 to now. Kevin Maher, according to Bloomberg News, cited press reports in his complaint, showing what they said were unusual pricing patterns connected to the gold fix.

  
What
Where


Business Insider reported that he alleged “the five banks overseeing the century-old benchmark colluded to manipulate it.” Deutsche Bank said in a statement that it is believed that the suit was without merit and that the bank will vigorously defend against it,” according to Reuters. Kevin Maher is seeking unspecified damages on behalf of the class and Bloomberg News reports that damages may be tripled under the U.S. antitrust law. Both HSBC and Barclays declined to comment.

Benchmarking is the process of comparing one’s business processes and performance metrics to industry bests or best practices from other industries. Dimensions typically measured are quality, time and cost. This process is used in management and particularly strategic management, in which organizations evaluate various aspects of their processes in relation to best practice companies’ processes, usually within a peer group defined for the purposes of comparison. This then allows organizations to develop plans on how to make improvements or adapt specific best practices, usually with the aim of increasing some aspect of performance. Benchmarking may be a one-off event, but is often treated as a continuous process in which organizations continually seek to improve their practices.

Image credit: www.businessweek.com

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!






 

Interesting Legal Sites You May Like


BCG FEATURED JOB

Locations:

Keyword:



Search Now

Mid-level Litigation Attorney with motions experience

USA-WA-Seattle

Seattle office of our client seeks mid-level litigation attorney with 3-5 years of experience, inclu...

Apply Now

Environmental /Land Use Attorney with 2-3 years of experience

USA-CA-San Francisco

San Francisco office of our client seeks environmental /land use attorney with 2-3 years of experien...

Apply Now

Litigation Attorney with 2-5 years of insurance defense experience

USA-FL-Jacksonville

Jacksonville office of our client seeks litigation attorney with 2-5 years of previous insurance def...

Apply Now

Land Use, Zoning Attorney with 2-6 years of real estate experience

USA-NY-Fishkill

Fishkill office of our client seeks land use, zoning and development attorney with 2-6 years of comm...

Apply Now

RELEVANT JOBS

Experienced Insurance Defense Attorney Needed

USA-NY-Bohemia

Insurance Defense firm (with 15 attorneys in Suffolk and Mineola location), seeks attorneys with 5+ ...

Apply now

Corporate / Commercial Attorney | Lebanon, NH

USA-NH-Lebanon

Downs Rachlin Martin PLLC seeks an experienced corporate / commercial attorney to join its Lebanon o...

Apply now

Business Law Junior Associate | Burlington, VT

USA-VT-Burlington

Downs Rachlin Martin seeks associate attorney with 1-3 years of experience to join its Commercial an...

Apply now

Business Law Associate | Burlington

USA-VT-Burlington

Downs Rachlin Martin is seeking an attorney with 4 to 8 years of experience to join its very busy pr...

Apply now

Most Popular

SEARCH IN ARCHIVE

To Top