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Ronan Manly: Deutsche Bank will give evidence against other banks in silver rigging
5:13p SGT Thursday, April 14, 2016
Dear Friend of GATA and Gold:
Elaborating on the draft settlement agreement between Deutsche Bank and the plaintiffs in the U.S. class-action lawsuit charging silver market manipulation, monetary metals researcher Ronan Manly reports that the bank has not only agreed to pay damages but also to provide the plaintiffs with evidence against the other bank defendants in the lawsuit, HSBC and Bank of Nova Scotia.
Manly writes: "Coming on the heels of the unresolved and unexplained fiasco that is the LBMA silver price auction and the broken promises by the London Bullion Market Association about greater auction transparency and wider participation in the new silver auction, it seems difficult to envisage that the LBMA silver price can survive in its current form with its current participants, two of whose remaining five participants are HSBC and Scotia. It will also be interesting to see what the U.K. Financial Conduct Authority will say about this development with Deutsche Bank, especially since HSBC and Scotia are now participating in a 'regulated benchmark,' the LBMA silver price, where price manipulation can be criminally prosecuted."
Manly's analysis is headlined "Deutsche Bank Agrees to Settle with Plaintiffs in London Silver Fixing Litigation" and it's posted at Bullion Star here:
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