Goldman Sachs, HSBC Among Banks Settling $20M Platinum and Palladium Price-Fixing Case
Four major companiesāGoldman Sachs, BASF, HSBC, and ICBC Standard Bankāhave agreed to pay $20 million to resolve a long-running antitrust lawsuit. The case, which dates back nearly a decade, accused them of manipulating platinum and palladium prices between 2008 and 2014. The defendants have denied any wrongdoing despite settling the claims.
The lawsuit centred on allegations that the companies conspired to suppress the prices of platinum and palladium. Purchasers claimed the defendants manipulated twice-daily price 'fixings' by sharing data, front-running trades, and placing fake orders. These metals are widely used in catalytic converters, dentistry, and jewellery.
U.S. District Judge Gregory Woods in Manhattan approved the settlement, which could receive final approval in January. The buyers' legal team intends to request up to $6.67 million in fees and $600,000 for expenses from the payout. This case is part of a broader series of lawsuits in the same court, accusing large banks of colluding across different financial markets. While the defendants settled, they continue to deny the allegations made against them.
The $20 million settlement brings an end to a dispute that began nearly ten years ago. If granted final approval in January, the funds will resolve claims tied to alleged price manipulation in the platinum and palladium markets. The outcome follows a pattern of legal challenges against major financial institutions over market conduct.
