Trader Eric Nalven has launched a class action suit against HSBC and JP Morgan, claiming they 'artificially depressed the price of silver dramatically downward' Photo: Alamy/AFP
This follows two suits filed at the end of October against both banking groups, one of which claimed the "defendants reaped hundreds of millions of dollars, if not billions of dollars in profits" from the conspiracy.
The ex-Goldman Sachs employee, a veteran of 40 years, reported the two banks activities to the US derivatives regulator, the Commodity Futures Trading Commission (CFTC), which has been conducting an investigation into the manipulation of the silver market.
