London Silver Fixing Ltd. Antitrust Settlement

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SETTLED

London Silver Fixing Ltd. Antitrust Settlement

FILING DEADLINES:

03/01/2021 $38,000,000 Deutsche Bank

TBD (Non-Settling Defendants)

CASE NUMBER:

14md-2573(VEC) U.S. District Court for the Southern District of New York

CLASS PERIOD:

January 1, 2007 – December 31, 2013

TOTAL SETTLEMENT FUND:

$38,000,000.00

SETTLING DEFENDANTS
Deutsche Bank

Non-Settling Defendants

HSBC and Bank of Nova Scotia

ELIGIBLE CLASS
All persons or entities that transacted in U.S.-Related Transactions in or on any over-the counter (“OTC”) market or exchange in physical silver or in a derivative instrument in which silver is the underlying reference asset (collectively, “Silver Instruments”), at any time during the Class Period. “U.S.-Related Transaction” means any transaction in a Silver Instrument (a) by any person or entity domiciled in the U.S. or its territories, or (b) by any person or entity domiciled outside the U.S. or its territories but conducted, in whole or in part, in the U.S. or its territories.
ELIGIBLE INSTRUMENTS
Any financial instrument where silver is the underlying reference asset. Examples include physical, derivative, and futures (physical silver, spot, forwards, silver futures contracts on the COMEX or other exchanges in the US).
Preliminary Allegations
These consolidated cases involve the alleged manipulation and suppression of silver prices during the period from January 1, 1999 “through the date on which the effects of Defendants’ unlawful conduct cease” (September 6, 2016). The Defendants are: Deutsche Bank, HSBC, The Bank of Nova Scotia (collectively the “Fixing Members”) and UBS AG (“UBS” and together with the Fixing Members, the “Defendants”).
Case Summary
In re London Silver Fixing, Ltd. Antitrust Litigation, 14-MD-02573-VEC; 14-MC-02573-VEC (S.D.N.Y.), have alleged, among other things, that Defendants from January 1, 1999 through the September 6, 2016, acted unlawfully by, inter alia, manipulating, aiding and abetting the manipulation, and conspiring to manipulate silver prices and the prices of silver financial instruments, in violation of the Commodity Exchange Act, 7 U.S.C. § 1 et seq., the Sherman Antitrust Act, 15 U.S.C. § 1 et seq., and federal and state common law.

These consolidated cases involve the alleged manipulation and suppression of silver prices during the period from January 1, 1999 “through the date on which the effects of Defendants’ unlawful conduct cease” (September 6, 2016). The Defendants are: Deutsche Bank, HSBC, The Bank of Nova Scotia (collectively the “Fixing Members”) and UBS AG (“UBS” and together with the Fixing Members, the “Defendants”).