By Money Metals News Service
Deutsche Bank agreed to pay $60 million to settle claims of gold price manipulation, according to a memo released Friday. The settlement represents the final piece in a broader case that began in 2014. The bank has already agreed to pay $38 million to settle allegations of rigging silver markets.
The case paves the way for lawsuits to be filed against other banks that conspired with Deutsche Bank. The German bank committed to assist in the investigation against non-settling banks including The Bank of Nova Scotia and HSBC. Those firms are at risk of criminal prosecution and even larger monetary penalties.
Investors who traded gold and silver futures and options may be eligible for compensation. So are certain people who were party to a contract involving the gold or silver “fix” price.
One of the attorneys involved explained the class of investors eligible for compensation this way:
We have reason to believe that there are at least hundreds of geographically dispersed persons and entities that fall within the Settlement Class definition. The Settlement Class includes traders of COMEX Silver Futures contracts, anyone who traded in physical silver based on the Silver Fix, and traders in various silver derivatives.
People wondering if they are entitled to a slice of the settlement should contact their futures broker.
Free Reports:
The litigation above follows other evidence of price rigging, including a 2014 case in which Barclays bank was fined $44 million. Metals price manipulation, once considered conspiracy theory, has long since become conspiracy fact.