February 24, 2015 / 3:28 AM / 2 years ago

U.S. investigating big banks on possible precious-metal price rigging - WSJ

2 Min Read

Feb 23 (Reuters) - The U.S. Department of Justice and the Commodity Futures Trading Commission are investigating at least 10 major banks for a possible rigging of precious-metals markets, the Wall Street Journal reported, citing people close to the inquiries.

Justice Department prosecutors are scrutinizing the price-setting process for gold, silver, platinum and palladium in London, while the CFTC has opened a civil investigation, the newspaper said.

The banks under scrutiny are HSBC, Bank of Nova Scotia, Barclays PLC, Credit Suisse Group AG , Deutsche Bank AG, Goldman Sachs Group Inc , JPMorgan Chase & Co, Societe Generale, Standard Bank Group Ltd and UBS AG, the newspaper said. (on.wsj.com/1FmfjWG)

Reuters could not immediately reach the banks, the DoJ and the CFTC for comment outside regular U.S. business hours.

HSBC said earlier in the day that the CFTC issued a subpoena to HSBC Bank USA in January seeking documents related to the bank's precious metals trading operations.

HSBC was one of a number of banks named in lawsuits filed in U.S. courts last year alleging a conspiracy to manipulate gold, silver, platinum and palladium prices, plus precious metals derivatives, during the daily precious metals fixes.

Reporting by Supriya Kurane in Bengaluru; Editing by Anupama Dwivedi

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below