hsbc deutsche bank in us suit for silver pricefix
Saturday 26 July 2025
Last Updated : GMT 05:17:37
Emiratesvoice, emirates voice

HSBC, Deutsche Bank in US suit for silver price-fix

Emiratesvoice, emirates voice

Emiratesvoice, emirates voice HSBC, Deutsche Bank in US suit for silver price-fix

The headquarter of the Deustche Bank
New York - AFP

HSBC, Deutsche Bank and Canada's Bank of Nova Scotia have been accused of conspiring to fix the price of silver in a US lawsuit filed in federal court in New York.
Plaintiff Scott Nicholson, an investor from the northwestern US state of Washington, said the three banks had "abused" their position to rig silver prices to the detriment of investors, according to the suit.
"The extreme level of secrecy creates an environment that is ripe for manipulation," Nicholson's lawsuit, seen by AFP on Saturday, alleges.
"Defendants have a strong financial incentive to establish positions in both physical silver and silver derivatives prior to the public release of silver fixing results, allowing them to reap large illegitimate profits."
The lawsuit accuses the three banks of malpractice stretching back to January 1 2007.
Contacted by AFP, HSBC and Deutsche Bank declined to comment. Bank of Nova Scotia was not immediately available for comment.
Nicholson is hoping other investors who feel they may have been wronged will come forward in order to launch a class-action lawsuit.
Deutsche Bank, HSBC and Bank of Nova Scotia set benchmark prices for silver once every day during a conference call.
The benchmark is used by central banks to assess the value of metals, impacting the price of jewelry as well as revenues from mining companies.
Deutsche Bank had already announced earlier this year it plans to withdraw from the system used to set benchmarks, citing a reduction of involvement in commodities.
Banking sources believe the lawsuit will be dismissed, pointing to a 2013 investigation by the US Commodity Futures Trading Commission.
According to sources, the CFTC probe found no evidence of wrongdoing and concluded that precious metal pricing was conducted transparently.
However the New York lawsuit comes against a backdrop of several legal disputes involving large banks.
In March, an individual filed a suit in New York including five banks - Societe Generale, HSBC, Barclays, Deutsche Bank and Bank of Nova Scotia -- of manipulating gold prices for their advantage.
Germany's Federal Financial Supervisory Authority (BAFIN) has also been probing potential price manipulation of gold and silver in London.
Other banks are meanwhile being investigated for possible manipulation of the Libor and Euribor interbank lending rates. Investigations are ongoing in several countries.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

hsbc deutsche bank in us suit for silver pricefix hsbc deutsche bank in us suit for silver pricefix

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

hsbc deutsche bank in us suit for silver pricefix hsbc deutsche bank in us suit for silver pricefix

 



GMT 10:18 2018 Thursday ,30 August

Iran incapable of closing Hormuz, Bab Al Mandeb

GMT 10:46 2012 Thursday ,16 February

BMW i8 The Best of the 2012 Detroit Auto Show

GMT 15:48 2018 Sunday ,21 January

Iraqi, Kurdish PMs try to resolve bitter dispute

GMT 06:15 2018 Tuesday ,09 January

Hollywood stars declare war on sexual misconduct

GMT 00:09 2017 Sunday ,29 January

Egypt working for Libya political solution, says FM

GMT 06:03 2017 Wednesday ,01 March

Saudi Aramco, Malaysian Petronas sign historic deal

GMT 13:55 2012 Sunday ,15 January

Youngest Microsoft professional dies

GMT 10:54 2016 Monday ,14 November

US elections have heightened uncertainty

GMT 10:49 2017 Wednesday ,20 September

Nabila describes mother’s death as the worst in life

GMT 00:24 2017 Saturday ,23 September

Gulf Air launches daily flights to Istanbul

GMT 14:50 2011 Friday ,24 June

Nelly Maqdasi sings for Arabs
 
 Emirates Voice Facebook,emirates voice facebook  Emirates Voice Twitter,emirates voice twitter Emirates Voice Rss,emirates voice rss  Emirates Voice Youtube,emirates voice youtube  Emirates Voice Youtube,emirates voice youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

emiratesvoieen emiratesvoiceen emiratesvoiceen emiratesvoiceen
emiratesvoice emiratesvoice emiratesvoice
emiratesvoice
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
emiratesvoice, Emiratesvoice, Emiratesvoice