Another class-action anti-trust lawsuit against the five international banks operating the London daily gold price fixings was filed this week in U.S. District Court in New York. The lawsuit complains that the daily gold fixing is anti-competitive and collusive on its face, insofar as it involves nominal market competitors communicating privately to set prices, quite apart from any good intentions they might have. The lawsuit draws on the recent studies reported by news organizations raising questions about the London fixing as well as on the recent work of GATA consultant James McShirley, whose study, "The Curious Case of the PM Fix vs. the AM Fix," was published two weeks ago:
http://www.gata.org/node/13775
The suit was brought by the law firm of Berger & Montague in Philadelphia and the New York firm of Quinn, Emanuel, Urquhart, and Sullivan. It is packed with market data analysis and price charts and it's posted at GATA's Internet site here:
http://www.gata.org/files/LondonGoldFixLawsuit03-28-2014.pdf
