Pictured: Gold fixing in London at NM Rothschild and Sons began in September 1919
from Gold Core:
Litigation alleging that Deutsche Bank, Bank of Nova Scotia and HSBC Plc illegally fixed the price of silver were centralised in a Manhattan federal court Tuesday. The banks have been accused of rigging the price of billions of dollars in silver to the detriment of investors globally.
Lawsuits filed by investors since July over the allegations were consolidated yesterday in the U.S. District Court for the Southern District of New York, following an order issued last Thursday by the U.S. Judicial Panel on Multidistrict Litigation, a special body of federal judges that decides when and where to consolidate related lawsuits.
The banks abused their position of controlling the daily silver fix to reap illegitimate profit from trading, hurting other investors in the silver market who use the benchmark in billions of dollars of transactions, according to the suit.
Investors claim, the banks unlawfully manipulated silver and silver futures.
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