American Jewelry Manufacturer Charges Platinum/Palladium Prices Rigged - JCK
It’s a quirky tradition from 1919
and perhaps quite unfair in todays connected world.The London Fix
A Florida jewelry manufacturer is serving as the plaintiff for a class-action suit that claims the prices of platinum and palladium have been manipulated to enrich certain banks and dealers.
In a complaint filed Nov. 25 in New York federal court, Sarasota-based Modern Settings charges that the three banks and one metals dealer that set the prices via twice-daily teleconferences have used the process for their own ends.
“By their very design, the platinum and palladium fixings give the defendants the opportunity to collusively discuss and/or signal desired non-competitive price moves, while the rest of the market is left in the dark,” says the suit, which targets teleconference participants Goldman Sachs, HSBC, Standard Bank, and BASF Metals Ltd.
More: Platinum Price Rigged, Jewelry Manufacturer Charges - JCK