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The agreement is subject to final documentation and court approval, and the bank said that it had set aside reserves for its part of the settlement amount.by Modern Settings LLC, a Florida-based manufacturer of jewelry and police badges. The filing accused units of Goldman, BASF, HSBC Holdings Plc and South Africa's Standard Bank Group Ltd of conspiring since 2007 to rig the twice-daily platinum and palladium benchmark ‘fixings’ and the prices of futures and options based on those rates.
They accused the defendants of illegally sharing customer data, which they used to engage in ‘front-running’ of expected price moves, and also of manufacturing phantom ‘spoof’ orders. When the allegations surfaced, the Hong Kong Exchanges and Clearing unit of the London Metal Exchange announced that they would take charge of platinum and palladium price benchmarking going forward, and would use a new electronic platform. The lawsuit claimed these changes came too late for Modern Settings and other class members.has seen a run-up of $40 during Monday’s session, with the spot price holding above $980 per ounce at the time of writing.
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