Deutsche Bank agreed to pay $38 million to settle U.S. litigation over allegations it illegally conspired with other banks to fix silver prices at the expense of investors.  In court papers, lawyers for the investors say the deal will likely be an "ice breaker" that will serve as a catalyst for other banks to settle - i.e., HSBC and Bank of NovaScotia. 

In the litigation, investors claimed Deutsche Bank, HSBC Holdings and ScotiaBank rigged silver prices through a secret daily meeting called the Silver Fix, and accused UBS of exploiting that fix.  The alleged conspiracy started by 1999, suppressed prices on roughly $30 billion of silver and silver financial instruments traded each year, and enabled the banks to pocket returns that could top 100% annualized.

Earlier this month, U.S. District Judge Valerie Caproni dismissed UBS from the case, saying there was nothing showing it manipulated prices, even if it benefited from distortions.  But the judge did say that the investors could amend their complaint, including against UBS, and a lawyer for the investors has said they planned to do so.