Bloomberg News reports that attorneys for traders in a private lawsuit said in a letter Wednesday in Manhattan federal court that the bank has executed a “binding term sheet” and is negotiating final details of the accord.
The financial firm also agreed to help the plaintiffs pursue similar claims against other banks as part of the settlement by providing instant messages and other communications, according to the letter filed by attorneys Vincent Briganti and Robert Eisler. Financial terms of the settlement were not disclosed.
Silver future traders in 2014 sued a group of banks including Deutsche Bank, HSBC and Bank of Nova Scotia alleging they unlawfully manipulated the price of the metal and its derivatives, echoing similar claims brought previously against financial firms over alleged manipulation of gold prices. Later, UBS was also named as a defendant in the silver-fixing case.
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