Antitrust Law Daily Wrap Up, ANTITRUST—J.P.M.L.: Suits alleging conspiracy to manipulate silver prices centralized for pretrial proceedings, (Oct 15, 2014)
Law Firms Mentioned:Cadwalader, Wickersham & Taft, LLP | Freshfields Bruckhaus Deringer LLP | Grant & Eisenhofer PA | Sullivan and Cromwell, LLP
Organizations Mentioned:CME Group | Cadwalader Wickersham & Taft, LLP | Deutsche Bank AG | Freshfields Bruckhaus Deringer, LLP | Grant & Eisenhofer, PA | HSBC Bank PLC | HSBC Bank U.S.A. NA | HSBC Bank USA, NA | HSBC Holdings PLC | Lowey Dannenberg Cohen & Hart, PC | Sullivan & Cromwell, LLP | The Bank of Nova Scotia | The London Silver Market Fixing, Ltd.
By Jeffrey May, J.D.
The federal district court in New York City will serve as the forum for pretrial proceedings for actions against banks for allegedly conspiring to manipulate the prices of silver and silver derivatives. The Judicial Panel on Multidistrict Litigation (JPML) intends to assign the litigation to Judge Valerie E. Caproni, who is already presiding over related multidistrict litigation against banks for conspiring to manipulate the prices of gold and gold derivatives (In re: London Silver Fixing, Ltd., Antitrust Litigation, October 9, 2014, Heyburn, J.).
The JPML concluded that centralization, pursuant to 28 U.S.C. § 1407, in the Southern District of New York was appropriate. It would serve the convenience of the parties and witnesses and promote the just and efficient conduct of this litigation. The actions shared similar allegations that the defendant banks conspired to manipulate the prices of silver and silver derivatives through their membership on The London Silver Fixing, Ltd., a panel that meets privately on a daily basis to determine the market price of silver, it was noted.
All of the defendants have corporate offices in the Southern District of New York. The defendants included: The Bank of Nova Scotia, Deutsche Bank AG, HSBC Holdings PLC, HSBC Bank PLC, and HSBC Bank USA, N.A. In addition, the COMEX, on which the allegedly manipulated silver futures and options contracts were traded, was located in New York City.
The case is MDL No. 2573.
Attorneys: Peter Anthony Barile, III (Grant & Eisenhofer PA) for Eric Nalven. Christian Levis (Lowey Dannenberg Cohen & Hart, PC) for J. Scott Nicholson. Stephen Ehrenberg (Sullivan and Cromwell, LLP) for The Bank of Nova Scotia. Amy Wilkie Ray (Cadwalader, Wickersham & Taft, LLP) for Deutsche Bank AG. Michael Lacovara (Freshfields Bruckhaus Deringer LLP) for HSBC Holdings PLC, HSBC Bank PLC, and HSBC Bank U.S.A. NA.
Companies: The Bank of Nova Scotia; Deutsche Bank AG; HSBC Holdings PLC; HSBC Bank PLC; HSBC Bank U.S.A. NA; The London Silver Market Fixing, Ltd.
Cases: Antitrust