Lawsuit Filed Against Silver Fix Banks; HSBC, Deutsche Bank, Nova Scotia

Monday, July 28, 2014
By Paul Martin
July 28, 2014

Silver bullion banks Deutsche Bank, Bank of Nova Scotia and HSBC have been accused of manipulating prices in the multibillion dollar market in a lawsuit filed on Friday.

Reuters reported the lawsuit was filed in a New York district court by J. Scott Nicholson, a resident of Washington DC and alleges that the banks, which oversee the century-old silver fix, manipulated the physical and COMEX futures market since January 2007.

Nicholson is seeking class-action status for the lawsuit, which was registered in the Southern District of New York.

Closing at INR 44,736 ($744.54) per kilogram on Friday, July 25, Indian silver saw the biggest change at a 1.9 percent. Chinese silver finished the day down 0.9 percent to CNY 4,290 ($692.53) per kilogram. Japanese silver held its value last Friday at JPY 679.00 ($6.67) per 10 grams. The price of US silver remained steady at $20.91 per ounce.

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