BIS says US gold scheme suit 'without merit'

The Swiss-based Bank for International Settlements rejected as baseless on Tuesday a US lawsuit alleging the BIS conspired with central banks and major international investment houses to keep the price of gold low.

"The BIS is aware of the lawsuit filed against it in Boston, Massachusetts, and the BIS considers the lawsuit without merit," said spokeswoman Margaret Critchlow of the BIS, which is known as the central bank to the world's central banks. She said the BIS had no further comment on t