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Report: Deutsche Bank reaches settlement in US silver price-fixing case

Deutsche BankAG reached a settlement to resolve a U.S. filed by investors accusing itof conspiring with HSBC HoldingsPlc and Bank of NovaScotia to manipulate silver prices, Reuters reported.

Lawyers for the investors said in a letter filed April 13 ina Manhattan, N.Y., federal court that the bank will make a monetary payment aspart of the settlement. The lender signed a binding settlement term sheet andis negotiating the final details of a formal settlement agreement, the reportadded.

Investors accused the three banks of abusing their positionof controlling the daily silver fix and distorting the prices on approximately$30 billion of silver and silver financial instruments traded annually.UBS Group AG was alsonamed as a defendant in the case, accused of conspiring to exploit the fix,though it did not participate in its setting, Reuters noted.