UBS Added to Class-action Lawsuit Regarding Silver Fix

Reuters reported that UBS AG (NYSE:UBS) said in its annual report that in January it was added to a class-action lawsuit in New York federal court. It’s related to the silver fix.

As quoted in the market news:

Litigation alleging that Deutsche Bank AG, Bank of Nova Scotia and HSBC Plc illegally fixed the price of silver was centralized in a Manhattan federal court late last year.

The silver fix, a London-based benchmark pricing method dating back to the Victorian era, ceased to operate last year after the banks administering it said they would no longer take part in the process.

It was replaced by a new London silver benchmark price operated by CME Group and Thomson Reuters.

UBS said in its report:

In January 2015, UBS was added to an ongoing putative class action against other banks in federal court in New York on behalf of a putative class of persons that transacted in physical silver or a silver financial instrument priced, benchmarked, and/or settled to the London silver fix at any time from January 1, 1999 to an unspecified date.

Click here to read the full Reuters report.