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There was a development in one of those cases last week. According to media reports, Deutsche Bank AG is attempting to settle U.S. litigation in exchange for a monetary payment and potential aid to the plaintiffs in pursuing other claims.

A spokesperson at Bank of Nova Scotia declined to comment on the development south of the border, citing the fact that the cases against Scotia remain before the courts.

The U.S. and Canadian cases are distinct from one another.

The most recent Canadian lawsuit was filed on behalf of anyone in Canada who transacted in a silver market instrument, either directly or indirectly, between Jan. 1, 1999 and Aug. 14, 2014.

The filing says this includes investors who participated in an investment or equity fund, mutual fund, hedge fund, pension fund or any other investment vehicle that transacted in a silver market instrument.

Among the claims in the recent filing is an allegation that the defendants, including Bank of Nova Scotia, “manipulated the bid-ask spreads of silver market instruments throughout the trading day in order to enhance their profits at the expense of the class.”

As a result, the lawsuit claims, the alleged conduct affected both investors who bought and sold physical gold, and those who bought and sold silver-related financial instruments.

According to the firms behind the lawsuits filed in Canada, law enforcement and regulatory authorities in the United States, Switzerland, and the United Kingdom, are investigating conduct in the precious metal market.

Financial Post

bshecter@nationalpost.com

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