Deutsche Bank to Pay Settlement for Rigging Gold Prices
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.