silver price: The banks are accused of conspiring to rig the daily global silver price in a similar way to the gold price fixing scandal, which led to Barclays being fined 26m , according to The Guardian. Nicholson is seeking to bring a class action lawsuit representing many investors who have bought silver futures contracts since 2007. The silver price is set in London once a day via a conference call between the banks and Deutsche Bank and the Bank of Nova Scotia have been accused of attempting to rig the price of silver in the latest price fixing scandal to rock the banking industry. An investor this weekend filed a lawsuit in New York claiming the banks unlawfully manipulated the price of the metal and its derivatives in order to "reap large illegitimate profits". The complainant, J Scott Nicholson of Washington DC, said: "The extreme level of secrecy creates an environment that is ripe for manipulation. Defendants have a strong financial incentive to establish positions in both physical silver and silver derivatives prior to the public release of silver fixing results, allowing them to reap large illegitimate profits."
(news.financializer.com). As
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Tagged under Deutsche Bank, silver futures contracts topics.