NEW YORK, Nov. 25, 2014 (GLOBE NEWSWIRE) -- Labaton Sucharow LLP filed today the first nationwide class action against major platinum and palladium dealers Goldman Sachs, HSBC, Standard Bank, and BASF, for manipulation of key benchmarks used to price platinum and palladium, known as the "Platinum and Palladium Fixings." These entities meet twice a day by teleconference in order to establish a global price for these commodities in the world market. The prices set during these "fixings" also determine the prices of platinum- and palladium-based financial products, such as platinum futures (PL) and options (PO), as well as palladium futures (PA) and options (PAO), traded on NYMEX.
"This new case involving price manipulation in the platinum and palladium markets demonstrates that the global benchmark manipulation scandals are far from over," says Firm partner and Antitrust & Competition Litigation Practice co-chair, Gregory Asciolla. "Businesses and investors were injured by an eight-year long global conspiracy run by these commodities dealers."
Since at least 2007, plaintiffs allege that Goldman Sachs, HSBC, Standard Bank, and BASF used their influence over the Platinum and Palladium Fixings to manipulate the prices for these metals to enrich themselves at the expense of other market participants. The manipulative conduct included front running and "spoofing" of buy and sell orders. These entities also allegedly shared and discussed customer order flows so they could better coordinate their strategies and increase their own financial gains. Investors in these commodities and platinum- or palladium-based financial products, like NYMEX platinum or palladium futures and options, lost millions of dollars as a result of this conduct.
Contact Labaton Sucharow
If you bought or sold platinum or palladium directly from a wholesaler, refiner, or mining company, or bought or sold platinum- or palladium-based financial products such as futures and options on NYMEX, please contact Matthew Perez at mperez@labaton.com or 888-753-2796 for more information about potential claims.
About Labaton Sucharow LLP
Labaton Sucharow prosecutes precedent-setting class actions, recovering billions of dollars on behalf of defrauded consumers and investors. With nearly 60 full-time attorneys, Labaton Sucharow's litigation group is strengthened by its in-house team of investigators, financial analysts, and forensic accountants. The Firm litigates in the areas of antitrust, consumer protection, and securities law. For more information, visit www.labaton.com.