HSBC, Goldman Rigged Metals’ Prices for Years, Suit Says
By GCRU Gold News on Tuesday, November 25 2014, 23:33 - Permalink
Goldman Sachs Group Inc. (GS) and HSBC Holdings Plc (HSBA) were sued in New York over claims they conspired for eight years with two other companies to manipulate platinum and palladium prices in what plaintiffs’ lawyers say is the first class-action lawsuit of its kind in the U.S.
Standard Bank Group Ltd. and a metals unit of BASF SE (BAS), the world’s largest chemical company, were also sued. The four companies used inside information about client purchases and sale orders to profit from small movements in prices for the precious metals used in products ranging from jewelry to cars, according to a complaint filed today in Manhattan federal court.