The five banks involved in setting the London benchmark gold price have been accused in a lawsuit of price manipulation, a filing with a U.S. federal court in New York showed.
In the filing with the U.S. District Court in Manhattan dated March 3, New York resident Kevin Maher, who says he bought and sold gold and gold futures and options, alleged the banks overseeing the benchmark—Société Générale, Deutsche Bank, Barclays, Bank of Nova Scotia and HSBC—colluded to manipulate it.
Maher is bringing the suit as a class action, on behalf of himself and other investors who held or traded gold and gold derivatives that were settled based on the gold fix, or who held or traded COMEX gold futures or options, from 2004 to now.
In a statement, Deutsche said it believed the suit was without merit and that the bank "will vigorously defend against it."
A spokesperson for Société Générale said: "Société Générale appears to have been named as a defendant in these proceedings together with other members of the London Gold Market Fixing. The claims are unsubstantiated, and Société Générale will defend these proceedings."
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Barclays and HSBC declined to comment, while Bank of Nova Scotia could not immediately be reached.