Firm Wins Dismissal for International Bank in Silver Price-Fixing Case

July 30, 2018

On July 25, 2018, the Firm won a significant victory when the U.S. District Court for the Southern District of New York dismissed our client, an international bank, from a multidistrict antitrust and Commodity Exchange Act litigation involving the trading of silver. The plaintiffs alleged that our client and four other global banks conspired with members of the silver benchmark panel to fix the price of silver. However, Judge Valerie Caproni held that plaintiffs failed to establish that the non-panel banks conspired to manipulate the benchmark price, noting that “what plaintiffs represented to be a mother lode of evidence of a vast conspiracy turns out to be less than overwhelming.” The Court further held that plaintiffs did not plausibly allege any injuries flowing from their claims against the non-panel banks, and accordingly dismissed our client from the ongoing litigation.

To read coverage on the court's decision, click here.