On July 22, 2014, the Honorable Valerie Caproni of the United
States District Court for the Southern District of New York
appointed Berger & Montague (along with Quinn Emanuel
Urquhart and Sullivan LLP) co-lead counsel in this class action on
behalf of traders of gold-based derivative contracts, physical
gold, and gold-based securities against The Bank of Nova
Scotia, Barclays Bank plc, Deutsche Bank AG, HSBC Bank plc, Société
Générale and the London Gold Market Fixing Limited.
The Bank of Nova Scotia, Barclays Bank plc, Deutsche Bank Ag,
HSBC Bank plc and Société Générale are all members of the London
Gold Market Fixing Limited, which conducts the London Gold
Fixing. The London Gold Fixing is a twice daily process where
the defendants set an important benchmark price for gold.
Plaintiffs allege that the defendants conspired to manipulate this
benchmark for their collective benefit. Plaintiffs further
allege that they were injured because defendants' manipulation
caused prices for gold-based derivatives contracts, physical gold,
and gold-based securities to be made artificial. Various
government financial authorities in the U.S. and abroad are
currently looking at the London Gold Fixing process.
The complaint is available here.