Case Spotlight: Silver Fixing

On September 6, 2016, plaintiffs entered into a settlement agreement with Deutsche Bank (Settlement: $38m) in a suit alleging that the bank conspired to dictate the price of silver. Since the settlement against Deutsche Bank, litigation has continued against the other defendant banks (see below).

The Court recently announced a claim filing deadline of March 1, 2021 for impacted investors to file claims and recover their share of funds from the Settlement pool.

The lawsuit alleges that a number of banks engaged in anticompetitive acts that affected the global benchmark price per ounce of silver (the “Fix price”) by allegedly price-fixing Silver Instruments through various means of manipulation.

Settling Defendant

  • Deutsche Bank ($38m)

Non-Settling Defendants

  • HSBC
  • Bank of Nova Scotia

Dismissed Claims

  • The court dismissed claims against Barclays, Standard Chartered, BNP Paribas, Bank of America, and UBS

Additional resources:

Important dates and deadlines

  • Settlement Class Period: January 1, 1999 – September 6, 2016
  • Claim Form Deadline: March 1, 2021
  • Fairness Hearing: April 8, 2021
  • Opt-Out Deadline: February 11, 2021

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