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HSBC dropped from silver probe
HSBC has for now been dropped from an investor lawsuit accusing it of conspiring to drive down silver prices, leaving JP Morgan Chase as the only bank defendant in the case. Investors had in a raft of complaints filed in 2010 and 2011 accused banks of amassing hundreds of millions of dollars in illegal profit by manipulating prices of COMEX silver futures and options contracts. But an amended complaint in the US courts yesterday said HSBC had entered into a “tolling agreement” with claimants, without giving a reason why, and that they were no longer a defendant.