By Kitco News
Monday December 05, 2016 09:39
(Kitco News) - Deutsche Bank has agreed to pay $60 million to settle allegations of gold price-fixing allegations, this according to a preliminary settlement filed Friday in the U.S. District Court in Manhattan.
The settlement is almost double the $38 million the German bank paid to settle a similar lawsuit related to silver price manipulation, which was announced in mid-October.
Despite its settlement of both precious metals lawsuits, the bank has denied any wrongdoing.
Deutsche Bank first settled its precious metal price-fixing lawsuits back in early April but the terms are just being disclosed now and still need final approval from a judge.
As part of its settlement, the bank also agreed to work with the plaintiffs to pursue claims against the other defendants.
This is just the latest saga in the manipulation lawsuit that was launched two years ago. The lawsuit has gained some momentum since early October when a judge ruled that there was some validity to the accusations.
Judge Caproni said in her opinion, published Oct. 3, that the plaintiffs "plausibly allege that each of the Fixing Banks acted recklessly in creating artificial price dynamics in the gold markets around the PM Fixing."
While Deutsche Bank has settled, other members of the now defunct London Gold Fix -- The Bank of Nova Scotia, Barclays HSBC and Societe Generale – still face the gold manipulation allegations.