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May 22, 2023

HSBC, Scotiabank Win Silver Price Manipulation Suit

King & Spalding secured a long-awaited victory for client HSBC in a lawsuit, originally filed in 2014, accusing HSBC and Scotiabank of conspiring to manipulate the price of silver. Plaintiffs alleged that HSBC, Scotiabank and various subsidiaries periodically and jointly suppressed daily silver benchmark prices in London. However, Judge Caproni of SDNY dismissed the case with prejudice, ruling that the plaintiffs did not present sufficient evidence to demonstrate that the alleged price manipulations harmed or affected plaintiffs’ trades.

Damien Marshall, Leigh Nathanson, Laura Harris, Paul Mezzina, Brian Donovan and Ryan Gaby represented HSBC. The case is In re London Silver Fixing Ltd. Antitrust Litigation, case number 1:14-md-02573, in the U.S. District Court for the Southern District of New York.