The Phaserl


Lawsuit Regarding the London Gold Fixing

by California Lawyer, TF Metals Report:

A class action lawsuit was filed on March 4, 2104 in the US District Court, Southern District of New York, Manhattan.  The caption is Maher v. Bank of Nova Scotia, 14-cv-01459, U.S. District Court, Southern District of New York (Manhattan).

The articles can be found on a google search, see here, for example.

I went to the pacer site and pulled the complaint.  I breezed through it quickly.

At this point, I am pretty far from impressed.  In fact, I am much closer to WTF?

The lawsuit has a single class rep who bought some futures on the Comex.  The legal theory is straight antitrust, based primarily on the claim that the LBMA’s twice a day price fix is somehow a violation of the Sherman Antitrust Act and the Clayton Act (“contract, combination or conspiracy on restraint of trade”).


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