Deutsche Bank, HSBC and Bank of Nova Scotia have been accused of attempting to rig the price of silver, in a lawsuit filed in the US.
The plaintiff alleges that the banks, which set the price of silver each day, abused their position in the market. The auction based system has since been modified.
Deutsche Bank and HSBC have not commented on the filing, while Bank of Nova Scotia told Bloombergs that it would “vigorously defend” itself.
The lawsuit follows similar filings in the gold price-fixing market where earlier this year, Barclays Bank was fined ($44m) by UK regulators after one of its traders was discovered attempting to fix the price of gold. Regulators recently announced plans to change the fixing process which I posted here
The BBC carries this on the latest news
