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Report: US judge dismisses UBS as defendant in silver price-fixing case

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Report: US judge dismisses UBS as defendant in silver price-fixing case

U.S. District Judge Valerie Caproni dismissed as a in a accusing the Swiss lenderof conspiring to exploit the fixing of the price of silver, while three othermajor banks allegedly rigged the price, Reuters reported Oct. 5.

Caproni said there was no evidence that UBS rigged prices,even if it benefited from the manipulation. "At best, plaintiffs allege thatUBS engaged in parallel conduct by offering [along with the fixing members]below-market quotes," Caproni added.

Investors filed lawsuits against , and alleging that theinstitutions made illegal profits from manipulating the price of silver and itsderivatives.

Deutsche Bank settled related claims in April, and theinvestors intend to secure preliminary approval for a settlement, according toVincent Briganti, the investors' lawyer. The judge noted that some antitrustand manipulation claims against HSBC and Bank of Nova Scotia may be pursued.

The investors have 14 days to amend the complaint, includingagainst UBS, which they plan to, Briganti reportedly said.