Class Suit Alleges Silver-Fixing By HSBC, Deutsche Bank, Scotiabank

Bank of Nova Scotia, HSBC, and Deutsche Bank units manipulated the prices of silver and silver derivative contracts between January 2007 and August 2014, a suit in the U.S. District Court for the Southern District of New York said (Barrett v. Bank of Nova Scotia, S.D.N.Y., 14-cv-09112, complaint filed 11/14/14).

The class complaint filed Nov. 14 said the banks secured a daily average advantage of 25 basis points over other traders in the silver and silver futures market that translated into an 87 percent annualized return since 2000. It alleged violations of the Commodity Exchange Act, ...