Gold Sellers Say CFTC Order Shows UBS Helped Fix Prices

Law360, Washington (February 14, 2018, 10:24 PM EST) -- A group of gold sellers told a New York federal judge Tuesday that a recent Commodity Futures Trading Commission sanctions order against UBS AG shows the Swiss bank should not be allowed to escape a suit accusing a group of international banks of manipulating the benchmark price of gold.

The CFTC's Jan. 29 order finding UBS participated in a scheme to manipulate the price of precious metals on commodities exchanges through illegal "spoofing" activity from 2008 to 2013 directly contradicts claims advanced by the bank in a pending motion for dismissal, in which UBS claimed it could not have been involved...

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