by California Lawyer
TF Metals Report
The essence of this pending litigation is this:
<CaL’s analysis and commentary is inserted between paragraphs and bolded.>
“Plaintiffs in the Silver Fixing litigation — entities that purchased physical silver or financial instruments tied to the price of silver — allege that, until very recently, Deutsche Bank, HSBC, and the Bank of Nova Scotia (collectively “Defendant Banks”) participated in a pricesetting panel called The London Silver Market Fixing, Ltd.,1 which set global silver prices. Plaintiffs further allege that, via their participation in this price-setting panel, Defendant Banks conspired to manipulate the prices for physical silver and silver derivatives in violation of the federal commodity and antitrust laws. In essence, all of the putative class members in [this case] allege financial harm stemming from Defendants’ manipulation of the market for silver via the London Silver Fixing.” (Letter to court from attorneys for Plaintiffs).