At the Federal District Court in Manhattan, 20 plaintiffs coordinate their linked lawsuits against the five banks that make up what is known as the London gold fix. The suits, filed by hedge funds, private citizens and public investors like the Alaska Electrical Pension Fund, contend that the banks have used their privileged positions as market makers to rig the price of gold to their benefit reports Deal Book.
The lawsuits question the integrity of the gold fix which is subsequently used by dealers, central banks and mining firms to buy and sell the precious metal and its various derivatives. One of the claims being made is that gold fixing process allows the member banks trade on the information exchanged during the call to manipulate the price of gold and gold derivatives before publication of the gold fix to the wider market.
Thailand Business Attorneys Chaninat & Leeds are experts in Thailand company and business law
The Judge is considering whether to split the plaintiffs into two groups — one for those that trade physical gold and another for those that trade gold futures — but her decision will not come until at least the end of May.
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