The litigation began in 2014 with the government accusing the banks of being involved in a multi-bank trading conspiracy to manipulate the price of silver.
On Monday, U.S. District Judge Valerie Caproni in Manhattan dismissed the case against HSBC and Bank of Nova Scotia.
In 2016, Deutsche Bank settled with the government for $38M in 2016, and then another $130M in 2021.
In one of the settlements, it’s alleged that the price fixing by Deutsche began as early as 1999 and continued for more than a decade.
In the Deutsche Bank case, two traders were sentenced to prison terms for their involvement in the manipulation of silver prices. Their sentences were affirmed in January when their appeals to the Supreme Court were rejected. Each was sentenced to served only 1 year plus one day.
