(Adds background on the lawsuits)
By Andrew Longstreth
NEW YORK Aug 13 A federal judicial panel on
Wednesday ordered that 18 lawsuits alleging a conspiracy to
manipulate gold prices be consolidated into one proceeding in
The cases will be sent to U.S. District Judge Valerie
Caproni in Manhattan, who has already been overseeing more than
two dozen cases.
The lawsuits name the multinational banks that make up the
London Gold Market Fixing Ltd, the company operating the global
gold price benchmark known as the 'fix'.
The century-old gold fix is a standard price for the metal
that the banks set twice a day over the telephone. A variety of
gold traders claim they were harmed by a scheme to manipulate
Sending the cases to Caproni of New York appeared to be a
relatively easy decision for the U.S. Judicial Panel on
Multidistrict Litigation, which considers requests to
consolidate related lawsuits in U.S. federal courts.
Only one of the 18 lawsuits was not filed in New York,
according to the panel.
Bank of Nova Scotia, HSBC, Societe
Generale and Barclays make up the London Gold
Market Fixing Ltd.
Deutsche Bank withdrew in May after two decades
but is still a party to the suits.
(Reporting by Andrew Longstreth; Editing by James Dalgleish and