Deutsche Bank to pay $38 million in U S silver price fix case

Welcome to illuminati silver, we tell you
the truth about silver. Today is Wednesday 19th October 2016 and we
are briefly looking at The Deutsche Bank agreement to pay $38 million in silver price-fixing
lawsuit. As a reminder, investors claimed via a Class
Action Lawsuit filed in July 2014 that Deutsche Bank, HSBC Holdings Plc and Bank of Nova Scotia,
rigged silver prices through a secret daily meeting called the Silver Fix, and accused
UBS AG of exploiting that fix. Investors claimed that the alleged conspiracy started in 1999,
suppressed prices on roughly $30 billion of silver and silver financial instruments traded
each year, and enabled the banks to pocket returns that could exceed 100% per annum.
In April 2016 Deutsche Bank had agreed to settle the lawsuit which was widely covered
at the time. The amount of compensation being offered had to be negotiated. There were quite
a large number of charges which were not contested, the main 3 being:
price manipulation claims price fixing and unlawful restraint
bid-rigging, and unjust enrichment. Last Monday according to papers disclosed
and filed in Manhattan Federal Court, Deutsche Bank agreed to pay $38 million to settle the
case. As for the remaining two banks in the class
action, HSBC and Bank of Nova Scotia, the next pre-trial conference in that lawsuit
is scheduled for October 28th, 2016. Vincent Briganti, a lawyer for the investors,
said the deal provides “substantial monetary compensation plus cooperation from Deutsche
Bank in the continued prosecution of this important case against the non-settling defendants.”
With regards to UBS the judge dismissed them from the case, saying there was nothing showing
it manipulated prices, even if it benefited from distortions.
We wait to hear what happens. Our take on this, is that manipulation between
banks and amongst traders is not new. We have heard cases concerning Libor Rate manipulation,
mis-selling of pensions and insurance, false bank account and credit card issuance and
a host of other deeds which destroys the integrity which Bankers, when they first enter the profession,
are taught to uphold. It is indeed a disgrace on the profession. There is no evidence to
suggest however that these actions were carried out at the behest of Governments which many
conspiracy theorists believe, but mainly for profit and greed. We do blame Governments
however for allowing legislation and watchdogs not to be sufficiently tough to rout out such
offences and not punish severely enough the perpetrators.
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of Banking, International Wealth Management and Economics. Having now retired from these
worlds we are not qualified to give investment advice. Therefore, this and other productions
must not be deemed to be giving such advice and merely represent the personal views of
its owners.

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