GOLDBUGS AMEX Goldbugs Index (GOLD)

[jgrabar]

For anyone who has traded precious metals futures contracts between 2008 and July 2016:

Complaints have been filed on behalf of traders of gold, silver, platinum and palladium futures by traders who transacted in those contracts between January 2008 and July 2016.

A pair of commodities traders sued Scotiabank on Friday after the Toronto-based bank admitted in a $127 million settlement with the U.S. government to an eight-year scheme to manipulate the market for precious metals futures contracts.

Complaints have been filed accusing the bank of a spoofing scheme that was detailed by the U.S. Department of Justice and the U.S. Commodities Futures Trading Commission on Aug. 19, when the agencies announced Scotiabank had entered into a deferred prosecution agreement and would pay $127.4 million in fines and forfeiture.

Regulators said Scotiabank had admitted to its role in a scheme by which four bank traders engaged in manipulative trading in the gold, silver, platinum and palladium futures contracts markets on the New York Mercantile Exchange Inc. and Commodity Exchange Inc.