UBS is dismissed in U.S. silver lawsuit, other claims narrowed

Wed Oct 5, 2016 11:12am EDT
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* Claims narrowed against ScotiaBank, HSBC

* Deutsche Bank settlement agreement expected soon

* Banks accused of suppressing, exploiting silver prices

By Jonathan Stempel

NEW YORK, Oct 5 (Reuters) - A U.S. judge has dismissed UBS Group AG as a defendant in a lawsuit accusing big banks of conspiring to fix silver prices and exploit price distortions at investors' expense.

In a decision made public on Tuesday, U.S. District Judge Valerie Caproni in Manhattan also said investors may pursue some but not all antitrust and manipulation claims against Bank of Nova Scotia ("ScotiaBank") and HSBC Holdings Plc .

Deutsche Bank AG settled related claims in April, and the investors plan soon to seek preliminary approval of a settlement, their lawyer Vincent Briganti said on Wednesday. Terms have not been disclosed.

UBS spokeswoman Erica Chase said the Swiss bank is pleased the court accepted its arguments. Deutsche Bank spokeswoman Amanda Williams declined to comment. HSBC and ScotiaBank did not immediately respond to requests for comment.

The lawsuit is one of many in the Manhattan court in which investors have accused banks of conspiring to rig rates and prices in financial and commodities markets.   Continued...