By Jack Farchy and Mark Burton
Thursday, October 19, 2017
Red Kite Administration Ltd., the world’s largest metals hedge fund, is suing Barclays for claimed market abuse in the copper market that it claims cost the company a minimum of $850 million between 2010 and 2013.
The situation pits a $2 billion hedge fund versus a financial institution that has actually been hit by a number of detractions in previous years, including huge fines for adjusting Libor, the benchmark for rates of interest.
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http://www.goldmoney.com/?gmrefcode=gata Red Kite, whose co-founder is the former
treasurer of the U.K. Conservative Event, alleges that Barclays permitted staff to share confidential details regarding its settings with the financial institution’s proprietary traders on the flooring of the London Metal Exchange, according to court papers submitted by the hedge fund in the U.K. High Court. Barclays investors used the knowledge regarding Red Kite’s settings to profit by putting opposing professions, the fund stated in court records filed in October 2016 however just recently made public. Red Kite affirms the financial institution”sought to manipulate the LME by’ramping ‘costs “to control the closing cost, a benchmark commonly utilized by traders. … … For the remainder of the record: https://www.bloomberg.com/news/articles/2017-10-19/barclays-sued-by-fund … * * * Sign up with GATA here: New Orleans Investment Conference Wednesday-Saturday, October 25-28, 2017 Hilton New Orleans Riverside Hotel, New Orleans, Louisiana http://neworleansconference.com/wp-content/uploads/2017/07/NOIC2017_powe … Mines and Cash London Organisation Style Centre London, England, United Kingdom Monday-Thursday, November 27-30, 2017
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