London Silver Fixing Antitrust Settlement

July 22, 2024
1:14-md-02573 US District Court, Southern District of New York


Until very recently, the price of silver was set by a combination of three of the world’s largest multinational banks—the members of The London Silver Market Fixing, Ltd. The three banks are Deutsche Bank AG (“Deutsche”), HSBC U.S.A. Bank, N.A. (“HSBC”), and The Bank of Nova Scotia-ScotiaMocatta (“Scotiabank”) (collectively the “Fixing Members”). The name of the process was the “Silver Fix.” The Silver Fix determined the benchmark price of silver worldwide from 1897 until August 14, 2014. The Fixing Members literally fixed the price of silver once per day, every business day, through a secure conference call, at noon, London time. There were no outside observers or regulatory body, and Plaintiffs are aware of no recordings or transcripts ever released. Plaintiffs assert that through this clandestine device, Defendants dictated the price of physical silver and thereby the prices of silver financial instruments such as silver futures and options, the prices of which are directly and proximately caused by, and directly linked to, the price of physical silver, both physical and futures — around the noon Silver Fix, that created a distinct tradable advantage of up to 40 basis points per day for the Fixing Members and other insiders. This advantage persisted “in bull markets, bear markets, and everything in between” defying price trends in the broader market throughout the Class Period.


All persons or entities that transacted in U.S.-Related Transactions in or on any over the-counter market (“OTC”) or exchange in physical silver or in a derivative instrument in which silver is the underlying reference asset (collectively, “Silver Instruments”), at any time from January 1, 1999 through September 6th of 2016. “U.S.-Related Transaction” means any transaction in a Silver Instrument (a) by any person or entity domiciled in the U.S. or its territories, or (b) by any person or entity domiciled outside the U.S. or its territories but conducted, in whole or in part, in the U.S. or its territories.


  • Deutsche Bank AG
  • Deutsche Bank Americas Holding Corporation
  • DB U.S. Financial Markets Holding Corporation
  • Deutsche Bank
  • Securities, Inc.
  • Deutsche Bank Trust Corporation
  • Deutsche Bank Trust Company Americas​
  • Deutsche Bank AG New York Branch
  • Bank of Nova Scotia
  • HSBC Holdings PLC
  • HSBC Bank PLC
  • HSBC Bank U.S.A. N.A.
  • London Silver Market Fixing LTD
  • Scotia Capital (USA) Inc.
  • Scotia Holdings (USA) Inc.
  • Scotia Bank Inc.
Partial Settlements
​Deutsche Bank AG ​ $38,000,000

Filing Deadline: To Be Determined

​​​​​Settlement Recovery Group, LLC (“SRG”) is not the official claims administrator, class counsel or any party in the case. SRG is a third party claims filing service that can be hired to file and track claims.​ We specialize in helping companies and small businesses file claims to obtain their fair share of settlement money from class action lawsuits once a settlement has been reached. Our services are voluntary and are not required to file a claim; claimants may file a no-cost claim on their own. This summary is for informational purposes only and is based on SRG’s review of publicly available case documents. Official information can be found on the case website and on the court docket. This summary is not and should not be construed as legal, tax, or other professional advice.

Let’s get to work.

Whatever your needs, our expert team is ready to help you with your engagement. Find out how SRG can help.

Contact Us