Monday, October 3, 2016

Deutsche Bank Gold Price Fixing

From an obscure blog comes an analysis of a side issue regarding Deutsche Bank,  a class action lawsuit in New York over banks' price-ficing the gold market.  Recall Deustche Bank admitted wrongdoing and offered to turn state's evidence in Europe to rat out the others and cut an easier deal?
If the motions to dismiss are allowed, the complaints will be thrown out. Plaintiffs on the other hand, are hoping to crack open the door to “discovery,” where they get to access confidential bank communications and records. Turning the tables earlier in April Deutsche Bank surprised by promising to provide such evidence ratting out its former fellow defendants. “No. I cannot consider it at all,” the judge said, stonewalling plaintiffs’ arguments mentioning the move. The German mega-bank settled claims a week prior to the hearing but is yet to hand over records.
Well, that was fast. Was Deutsche Bank's offer some come of blackmail?  Get off our backs our we rat everyone out?  Now it looks like the fix is again, in another venue, is in and depending on how the judge rules, we'll never get to know what happened.

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