The bank also “does not admit any wrongdoing or liability”. Here are the details…
Dear Friend of GATA and Gold:
Deutsche Bank has agreed to pay nearly C$5.5 million to settle class-action lawsuits in Canada accusing the bank of manipulating the gold and silver markets, according to the Toronto law firm representing the plaintiffs.
In e-mails sent to class members and statements posted on its internet site, the law firm, Sotos LLC, said Deutsche Bank “does not admit any wrongdoing or liability.”
Deutsche Bank already has agreed to pay nearly US$100 million to settle similar class-action lawsuits in the United States:
The law firm said that if the settlement is approved by the Ontario Superior Court of Justice, the settlement funds, after payment of court-approved legal fees and disbursements, will be deposited into “an interest-bearing account for the benefit of the classes for distribution at a future date.”
The law firm’s summary of the gold and silver class-action settlement is posted at the Sotos internet site here:
An excerpt from the summary:
It is alleged that beginning at least as early as 2004 and continuing through March 2014, the defendants conspired with each other to fix prices in the Gold Market, and that beginning at least as early as 1999 and continuing through August 2014, the defendants conspired with each other to fix prices in the Silver Market. It is alleged that the defendants communicated directly with each other to coordinate their: (i) fixing of spot prices; (ii) manipulating of the bid-ask spreads; (iii) controlling or manipulating of benchmark rates; and (iv) exchanging of confidential customer information. It is alleged that the defendants’ conduct impacted the price of Gold Market Instruments and Silver Market Instruments, and that the defendants profited directly, at the expense of the classes, by having control and advanced knowledge of the movement in price of Gold Market Instruments and Silver Market Instruments.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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