Deutsche Bank To Pay $38 Million To Settle Silver Price Fixing Case.
Settlement Requires Deutsche Bank To Cooperate in the Investigation Against Other Bullion Banks’ Role in Silver Manipulation Case.
In April we reported that Deutsche Bank had agreed to settle a silver manipulation case (in re London Silver Fixing ltd Antitrust Litigation) brought against it and several other bullion banks. As part of the settlement agreement Deutsche Bank agreed to pay an undisclosed sum of money and to “substantially assist Plaintiffs in the prosecution of their claims against the non-settling defendants.”
Earlier this month the judge in the case ruled that the claims against Deutsche Bank’s co-defendents could move foward against Barclays Plc, Bank of Nova Scotia, HSBC Holdings Plc and Societe Generale. UBS was dismissed from the case.
Deutsche Bank reportedly is cooperating in the investigation and has offered a settlement amount of $38 million, subject to court approval.
Deutsche Bank also settle a gold manipulation case earlier this year. An amount of settlement has not yet been disclosed.
This is a developing story, please check back.