Class Action, Multi-district Litigation
Silver investors accusing major banks of price-fixing urged a New York federal court in a document posted Tuesday to forego the U.S. Department of Justice’s proposed one-year discovery stay, asking the court to strike a compromise to “better balance the governmental and private interests at stake.”
Silver investors accusing major banks of price-fixing asked a New York federal court Wednesday to add four banks to their multidistrict litigation, arguing they acquired “smoking gun” evidence during their $38 million settlement with Deutsche Bank AG that shows the banks were involved in a wide-ranging conspiracy.
A New York federal judge gave a preliminary OK on Wednesday to the $38 million settlement between Deutsche Bank AG and a class of silver investors in multidistrict litigation accusing the German bank, along with other major banks, of conspiring to fix the price of the precious metal.
Deutsche Bank AG will pay $38 million to settle multidistrict litigation claims that it was part of a scheme to fix the price of silver, according to a Monday filing in New York federal court.
A recent decision in favor of foreign exchange market investors supports the standing of silver investors who claim they were victims of price manipulation by major banks, the traders told a New York federal judge in a letter Friday.
Counsel representing commodities traders and others alleging banks manipulated the silver market told a New York federal court Thursday the class claims are not torpedoed by a recent Second Circuit decision in an aluminum antitrust case, contrary to what the banks may say.
Banks accused of fixing prices in the silver, gold and forex markets argued Tuesday that a Second Circuit decision in an aluminum antitrust case clearly means the New York federal suits against the banks should be thrown out for lack of standing.
Deutsche Bank AG is nearing a settlement in multidistrict litigation alleging it was part of a scheme to fix the price of silver, plaintiffs told the New York federal judge overseeing the case Wednesday.
Deutsche Bank AG, HSBC USA Bank NA and the Bank of Nova Scotia reiterated their request Monday that a New York federal judge toss a multidistrict litigation complaint alleging they fixed the price of silver, saying the plaintiffs have failed to show they suffered an antitrust injury or have standing to pursue their claims.
Plaintiffs in a multidistrict litigation case against Deutsche Bank AG, HSBC USA Bank NA, the Bank of Nova Scotia and UBS AG alleging they fixed the price of silver told a New York federal judge Monday that the banks misquoted their complaint and relied on weak claims in their motion to dismiss.