02:03 PM EDT, 08/26/2024 (MT Newswires) -- Goldman Sachs ( GS ) agreed to a $20 million settlement in a case that accused the bank and three other entities of colluding on the prices of platinum and palladium, according to a court document.

The US District Court for the Southern District of New York gave preliminary approval to the settlement entered between defendants Goldman Sachs ( GS ), HSBC ( HSBC ) , ICBC Standard Bank and Germany's BASF and plaintiffs Larry Hollin and White Oak Fund.

The banks denied wrongdoing in the settlement, the court document filed Friday showed.

The nearly decade-old lawsuit alleged that the defendants suppressed the prices of platinum and palladium for their own benefit between Jan. 1, 2008 and Nov. 30, 2014.

Goldman Sachs ( GS ), SBC, ICBC Standard Bank, and BASF did not immediately respond to requests for comment from MT Newswires.

Reuters reported the story earlier.

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