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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Barclays PLC    BARC   GB0031348658

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Barclays : Deutsche Bank to pay $60 million to settle U.S. gold price-fixing case

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12/02/2016 | 11:17pm CET

Deutsche Bank AG (>> Deutsche Bank AG) has agreed to pay $60 million(47.12 million pounds) to settle private U.S. antitrust litigation by traders and other investors who accused the German bank of conspiring to manipulate gold prices at their expense.

Deutsche Bank AG (>> Deutsche Bank AG) has agreed to pay $60 million(47.12 million pounds) to settle private U.S. antitrust litigation by traders and other investors who accused the German bank of conspiring to manipulate gold prices at their expense.

The preliminary settlement was filed on Friday with the U.S. District Court in Manhattan, and requires a judge's approval.

Deutsche Bank denied wrongdoing. The bank in October agreed to pay $38 million to settle similar litigation over alleged silver price manipulation.

Amanda Williams, a spokeswoman for the bank, declined to comment. Lawyers for the plaintiffs did not immediately respond to requests for comment.

The case is one of many in the Manhattan court in which investors accused banks of conspiring to rig rates and prices in financial and commodities markets.

Investors sued Deutsche Bank, Barclays Plc (>> Barclays PLC), Bank of Nova Scotia (>> Bank of Nova Scotia), HSBC Holdings Plc (>> HSBC Holdings plc) and Societe Generale (>> Société Générale) in 2014, claiming that they conspired to fix gold prices from 2004 to 2013.

While the investors did not estimate the size of the banks' gold portfolios, they said the gold derivatives market alone reached $650 billion during the class period.

Deutsche Bank had agreed to settle its part of the case in April, but the terms were not disclosed until now.

In an Oct. 3 decision, U.S. District Judge Valerie Caproni in Manhattan said investors could pursue much of their lawsuit against the other four banks.

Deutsche Bank has separately been in talks with U.S. authorities on a potential multibillion-dollar penalty related to mortgage securities.

The case is In re: Commodity Exchange Inc Gold Futures and Options Trading Litigation, U.S. District Court, Southern District of New York, No. 14-mc-02548.

(Reporting by Jonathan Stempel in New York; editing by Diane Craft)

By Jonathan Stempel

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Financials ( GBP)
Sales 2016 20 600 M
EBIT 2016 5 381 M
Net income 2016 1 015 M
Debt 2016 -
Yield 2016 1,41%
P/E ratio 2016 27,00
P/E ratio 2017 14,45
Capi. / Sales 2016 1,75x
Capi. / Sales 2017 1,70x
Capitalization 36 117 M
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Average target price 2,05  GBP
Spread / Average Target -3,6%
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James Edward Staley Chief Executive Officer & Director
John McFarlane Non-Executive Chairman
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