Deutsche Bank to pay $38 million in U S silver price fix case

Deutsche Bank to pay $38 million in U S  silver price fix case


Welcome to illuminati silver, we tell you
the truth about silver. Today is Wednesday 19th October 2016 and we
are briefly looking at The Deutsche Bank agreement to pay $38 million in silver price-fixing
lawsuit. As a reminder, investors claimed via a Class
Action Lawsuit filed in July 2014 that Deutsche Bank, HSBC Holdings Plc and Bank of Nova Scotia,
rigged silver prices through a secret daily meeting called the Silver Fix, and accused
UBS AG of exploiting that fix. Investors claimed that the alleged conspiracy started in 1999,
suppressed prices on roughly $30 billion of silver and silver financial instruments traded
each year, and enabled the banks to pocket returns that could exceed 100% per annum.
In April 2016 Deutsche Bank had agreed to settle the lawsuit which was widely covered
at the time. The amount of compensation being offered had to be negotiated. There were quite
a large number of charges which were not contested, the main 3 being:
price manipulation claims price fixing and unlawful restraint
bid-rigging, and unjust enrichment. Last Monday according to papers disclosed
and filed in Manhattan Federal Court, Deutsche Bank agreed to pay $38 million to settle the
case. As for the remaining two banks in the class
action, HSBC and Bank of Nova Scotia, the next pre-trial conference in that lawsuit
is scheduled for October 28th, 2016. Vincent Briganti, a lawyer for the investors,
said the deal provides “substantial monetary compensation plus cooperation from Deutsche
Bank in the continued prosecution of this important case against the non-settling defendants.”
With regards to UBS the judge dismissed them from the case, saying there was nothing showing
it manipulated prices, even if it benefited from distortions.
We wait to hear what happens. Our take on this, is that manipulation between
banks and amongst traders is not new. We have heard cases concerning Libor Rate manipulation,
mis-selling of pensions and insurance, false bank account and credit card issuance and
a host of other deeds which destroys the integrity which Bankers, when they first enter the profession,
are taught to uphold. It is indeed a disgrace on the profession. There is no evidence to
suggest however that these actions were carried out at the behest of Governments which many
conspiracy theorists believe, but mainly for profit and greed. We do blame Governments
however for allowing legislation and watchdogs not to be sufficiently tough to rout out such
offences and not punish severely enough the perpetrators.
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updates and offers. Our Facebook page which is updated daily can be found at facebook.com/illuminatisilver Disclaimer: Illuminati Silver owners come from a background
of Banking, International Wealth Management and Economics. Having now retired from these
worlds we are not qualified to give investment advice. Therefore, this and other productions
must not be deemed to be giving such advice and merely represent the personal views of
its owners.

19 Comments

  1. 38 mil…. wtf! they more than that in just 1 hour of fixing the price…. were is my share… i lost money… same ol stuff.. good for them… bad for everything good and just

  2. The 1792 Coinage Act, which has never been repealed, states that a "dollar" is 371.25 grains of Silver, or 77% of an ounce. So when we hear politicians talking about spending money here or there, they are being dishonest with their words. The Federal Reserve Note DOES NOT have the term "money" on it, because it is not money, but rather CREDIT. I would appreciate it if politicians would use the word "credit" when speaking about their spending plans. It's more clear to me when looking at our $20 trillion debt. It's just credit, plain and simple. Those Gold and Silver figures on the usdebtclock.org site don't seem so silly, now do they? They are 100% correct. The amount of credit issued per year by the Federal Reserve divided by the yearly production of Gold/Silver. WOW. Eye-opener.

  3. Banks are not acting on the behest of governments. The reverse seems to
    be true. As you documented in your excelent video about the gold sales
    of GB under Gordon Brown. Or are (big investment) banks and governments
    just two sides of the same coin? I am getting confused with all the
    people swapping positions. Anyhow, a large percentage of people (intuatively) know that the game is rigged against them, but they have never thougt about how to protect (let alone fight) against this system. If they figure it out, thats when we see the true value of the metals.

  4. Its a disgrace indeed. The banks will self destruct when there is no more confidence and trust. There is no more intregrity.

  5. As holocaust survivors Trustee they paid disgracefully my grandmother last July 5k for five years of forced labor in Nazi Germany's ,perhaps as I suggested ; they could have been less insulting …

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