Silver Price Fixing Lawsuit Brought Against Major Institutions
Audet & Partners, LLP reports that a number of major financial institutions have been sued based on allegations that they illegally conspired to artificially inflate the price of silver. Deutsche Bank AG, Bank of Nova Scotia, and HSBC Plc are alleged by experienced commodities traders to have colluded to fix the price of silver futures to ensure high returns as part of the London Silver Market Fixing Ltd. The London Market has fixed the price of physical silver since 1897. The lawsuit has also alleged that the defendants have published false prices on the index to affect and control silver futures on the Comex market.
The lawsuit, now centralized in the Southern District of New York, claims that the concerted actions of the defendant institutions violated the Sherman Antitrust Act and the Commodities Exchange acts and is seeking damages for an extensive class of plaintiffs who bought and/or sold silver futures since January 1, 2007.
Allegations of silver price-fixing are not new to at least one of the defendants. In 2011, HSBC settled similar allegations with at least one class of investors.
If you have bought or sold silver futures since 2007, Audet & Partners, LLP is offering free case evaluations to help determine whether you may have a claims against conspiring defendants who may have artificially inflated the price of silver futures. To request a free, confidential consultation, please contact us either by calling (800) 965-1461, or by completing and submitting out online inquiry form on the right side of this page.