HSBC Bank Settles Gold Price-Fixing Class Action For $42M

By Rachel O'Brien (December 8, 2020, 3:40 PM EST) -- HSBC Bank investors and traders asked a New York federal judge Monday to preliminarily approve a $42 million deal to settle class action claims that the bank was one of several to engage in illegal price-fixing of the gold market.

HSBC would also provide transaction data and discovery to help the plaintiffs continue to go after the banks remaining in the suit — The Bank of Nova Scotia, Barclays Bank PLC, Société Générale SA and The London Gold Market Fixing Ltd. — according to the agreement.

The March 2014 putative antitrust class action represents 18 consolidated suits that allege several banks...

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