A class action lawsuit seeking $1 billion in damages on behalf of Canadian investors was launched April 15, 2016 in the Ontario Superior Court of Justice.
The action arises from a conspiracy among the defendants to fix, raise, decrease, maintain, stabilize, control, or enhance unreasonably the price of silver and silver-related investment instruments, which include, without limitation: silver bullion and silver coins, silver futures, shares of silver-focused ETFs, units of silver-focused mutual funds, silver certificates, silver leases, over-the-counter silver spot or forward transactions, and options on any of the foregoing (“Silver Market Instruments”) and to fix, raise, decrease, maintain, stabilize, control, or enhance unreasonably bid-ask spreads used by market participants in the silver market.
The Defendants are as follows:
- The Bank of Nova Scotia
- Scotia Capital (USA) Inc.
- Deutsche Bank AG
- Deutsche Bank Securities Limited
- Deutsche Bank Securities, Inc.
- HSBC Holdings PLC
- HSBC Bank PLC
- HSBC Bank Canada
- HSBC Securities (Canada) Inc.
- HSBC USA Inc.
- HSBC Securities (USA) Inc.
- UBS AG
- UBS Securities LLC
- UBS Bank (Canada)
- The London Silver Market Fixing Limited