After years of rumors and suspicion that the gold market has been subjected to price manipulation, the accusations have reached its boiling point Monday as more than 20 plaintiffs met in federal court to discuss coordinating their lawsuits.
The first of these lawsuits was filed in March after reported years of murmurings of manipulation of the London gold fix, which sets gold prices around the globe. Since, plaintiffs including hedge funds, public investors and private citizens have filed additional suits accusing banks of rigging the benchmark.
Defendants named in the case are Barclays, Deutsche Bank, Scotiabank, HASBE and Societe Generale, all of which declined to comment on the allegations, reports say.
With so many lawsuits filed since the March complaint, the plaintiffs gathered Monday to discuss consolidation and appoint a lead attorney. Reports say even more lawsuits will be filed.
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