Frustrated traders and offbeat activists
have complained for years in whispers and in online screeds that the
price of gold has been subject to collusion. On Monday, these
accusations of manipulation found a more august arena for expression:
the federal courts.
At a 40-minute hearing, lawyers for more than
20 plaintiffs gathered in Federal District Court in Manhattan to
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.
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