Shine fades on Scotiabank’s gold business as banks land in court over alleged price manipulation

The five banks are accused of manipulating the gold market, which is worth trillions of dollars in trading value per year. A smaller subset, including Scotiabank, is accused of manipulating the silver market by rigging the daily Silver Fix. UBS AG, meanwhile, is accused of conspiring to exploit metals prices.

In a wrinkle that became public this year, one of the defendants — Deutsche Bank — is close to settling and co-operating with the plaintiffs in order to extract itself from the U.S. lawsuit. That puts the remaining defendants in a highly uncomfortable position, even if they have done nothing wrong.

Shine fades on Scotiabank’s gold business as banks land in court over alleged price manipulation