NEW YORK, Might 22 (Reuters) – A U.S. decide on Monday dismissed long-running litigation by buyers who accused HSBC Holdings Plc (HSBA.L) and Financial institution of Nova Scotia (BNS.TO) of conspiring to repair silver costs.
U.S. District Decide Valerie Caproni in Manhattan stated the buyers lacked authorized standing to pursue federal antitrust claims below the Sherman Act, or claims below the federal Commodity Alternate Act.
Traders had accused HSBC, Scotiabank and Deutsche Financial institution AG (DBKGn.DE) of manipulating silver costs from 2007 to 2013, saying that they had “smoking gun” proof of a price-fixing conspiracy amongst these banks and a number of other different silver market makers.
The litigation started in 2014, and Deutsche Financial institution settled for $38 million two years later.
In a 24-page resolution, Caproni discovered the buyers unable to hint their losses to banks’ alleged effort to depress the Repair, which set benchmark costs for silver bars, and commerce derivatives primarily based on advance information of the Repair value.
Caproni stated the buyers didn’t present it was “believable, versus merely potential” that distorted pricing affected their trades, and stated any damages had been “too speculative.”
The decide additionally stated the buyers weren’t “environment friendly enforcers” of their personal antitrust claims, in contrast to individuals who may need offered silver on the Repair value.
Attorneys for the buyers didn’t instantly reply to requests for remark. The banks and their legal professionals didn’t instantly reply to related requests.
Caproni dismissed the lawsuit with prejudice, which means it can’t be introduced once more.
She had in 2016 let the case proceed, however stated latest choices by the federal appeals courtroom in Manhattan have clarified when personal plaintiffs can deliver antitrust and commodities act claims.
The circumstances is In re London Silver Fixing Ltd Antitrust Litigation, U.S. District Courtroom, Southern District of New York, No. 14-md-02573.
Reporting by Jonathan Stempel in New York; Enhancing by Invoice Berkrot
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