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U.S. Precious-Metals Trade Probe Shifts From Antitrust to Fraud

  • Antitrust investigation of Credit Suisse, others, said closed
  • Fraud probe into metals-trading conduct continues, HSBC says

The U.S. Justice Department closed antitrust investigations of at least three banks into possible manipulation of precious-metals markets, according to people familiar with the matter, though its fraud investigation into the conduct continues.

The department’s antitrust division has closed investigations into Credit Suisse Group AG and Deutsche Bank AG over precious metals dealings, people familiar with the situation said. On Thursday, HSBC Holdings Plc said in a disclosure that antitrust prosecutors have closed their investigation into potential manipulation of precious metals prices by the bank, while a criminal fraud investigation by the department remained open.