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Banks win dismissal of U.S. silver price-fixing suit

Section: Daily Dispatches

By Jonathan Stempel
Monday, May 22, 2023

NEW YORK -- A U.S. judge on Monday dismissed long-running litigation by investors who accused HSBC Holdings and Bank of Nova Scotia of conspiring to fix silver prices.

U.S. District Judge Valerie Caproni in Manhattan said the investors lacked legal standing to pursue federal antitrust claims under the Sherman Act, or claims under the federal Commodity Exchange Act.

Investors had accused HSBC, Scotiabank, and Deutsche Bank of manipulating silver prices from 2007 to 2013, saying they had "smoking gun" evidence of a price-fixing conspiracy among those banks and several other silver market makers.

The litigation began in 2014 and Deutsche Bank settled for $38 million two years later.

In a 24-page decision, Caproni found the investors unable to trace their losses to banks' alleged effort to depress the Fix, which set benchmark prices for silver bars, and trade derivatives based on advance knowledge of the Fix price.

Caproni said the investors did not show it was "plausible, as opposed to merely possible" that distorted pricing affected their trades, and said any damages were "too speculative."

The judge also said the investors were not "efficient enforcers" of their private antitrust claims, unlike people who might have sold silver at the Fix price. ...

... For the remainder of the report:


First Majestic Mines Silver and Gold 
in U.S. and Mexico, Operates Bullion Store

First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States. 

The company owns and operates the San Dimas Silver and Gold Mine, the Jerritt Canyon Gold Mine, the Santa Elena Silver and Gold Mine, and the La Encantada Silver Mine. 

In 2023 these mines are projected to produce between 33.2 to 37.1 million silver equivalent ounces, consisting of 10 to 11.1 million ounces of silver and 277,000 to 310,000 ounces of gold, with an all-in sustaining cost of $18.47 to $19.72 per payable silver-equivalent ounce.

For information about the company, visit:

Unique to First Majestic, the company offers a portion of its silver production for sale to the public. Bars, ingots, coins, and medallions are available for purchase online at First Majestic's bullion store at some of lowest premiums available:

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