EN /FR
Gold Price Manipulation Class Action
A class action lawsuit seeking $1 billion in damages on behalf of Canadian investors was launched December 18, 2015 in the Ontario Superior Court of Justice.
The action arises from a conspiracy among the defendants to fix, raise, decrease, maintain, stabilize, control, or enhance unreasonably the price of gold and gold-related investment instruments, which include, without limitation: gold bullion and gold bullion coins, gold futures, shares of gold-focused ETFs, units of gold-focused mutual funds, gold certificates, gold leases, over-the-counter gold spot or forward transactions, and options on any of the foregoing (“Gold Market Instruments”) and to fix, raise, decrease, maintain, stabilize, control, or enhance unreasonably bid-ask spreads used by market participants in the gold market.
The law firms of Koskie Minsky LLP, Sotos LLP and Camp Fiorante Matthews Mogerman are counsel in a class action against financial institutions (the “Defendants”).
The Defendants are as follows:
- The Bank of Nova Scotia
- ScotiaMocatta
- Scotia Capital (USA) Inc.
- Barclays PLC
- Barclays Bank PLC,
- Barclays Capital Canada Inc.
- Barclays Capital Inc.
- Barclays Capital PLC
- Deutsche Bank AG,
- Deutsche Bank Securities Limited
- Deutsche Bank Securities, Inc.
- HSBC Bank PLC
- HSBC Holding PLC
- HSBC Bank Canada
- HSBC Securities (Canada) Inc.
- HSBC USA Inc.
- HSBC Securities (USA) Inc.
- London Gold Market Fixing Ltd.
- Société Générale
- Société Générale (Canada)
- Société Générale SA
- SG Americas Securities, LLC
- UBS AG,
- UBS Bank (Canada)
- UBS Securities LLC
-
Latest Developments
-
January 17, 2024
The plaintiffs were successful in their appeal. A copy of the Court of Appeal’s decision can be found here.
-
November 25, 2023
The plaintiffs await the Court of Appeal’s decision, which remains under reserve.
-
April 20, 2023
Hearing scheduled before the Court of Appeal, to request that the Order dismissing the plaintiffs’ motion to amend pleadings and add new defendants be set aside
-
April 26, 2022
The Superior Court of Justice dismissed the plaintiffs’ motion to add new parties and amend their claim to reflect allegations of spoofing the market. You can find a copy of the decision under the Documents section. The plaintiffs have appealed that decision.
-
October 29, 2020
The plaintiffs brought a motion to add JP Morgan Chase & Co., J.P. Morgan Bank Canada, J.P. Morgan Canada, JPMorgan Chase Bank National Association, Morgan Stanley Capital Group Inc., Bank of America Corporation, and Merrill Lynch Commodities Inc. as defendants.
-
April 8, 2020
The plaintiffs in the Ontario action will be seeking to certify the Ontario action on behalf of a national class. At the certification motion, the court will determine whether this action is properly prosecuted as a class action. The certification motion will be heard October 5, 6, 7 and 8, 2020.
-
December 24, 2019
The certification motion has been scheduled for October 5, 6, 7 and 8, 2020, at 10:00 am in Toronto. This motion will be heard together with the Silver class action.
-
September 19, 2019
Justice Belobaba approved the settlement with Deutsche Bank and also approved the fees and disbursements of Class Counsel. You can find the settlement approval order here, the fee approval order here and the Court’s reasons for approval here.
The settlement funds (plus interest, less court-approved fees and expenses) are being held in trust for the benefit of settlement class members. At a later date, the courts will be asked to approve a method of distributing the settlement funds to settlement class members.
-
May 29, 2019
A national settlement reached with Deutsche Bank AG, Deutsche Bank Securities Limited, and Deutsche Bank Securities, Inc. (collectively “Deutsche Bank”), totaling $3,350,360.95, was approved by the Courts in Ontario and Quebec. The court orders approving the settlement and counsel fees, and the court’s reasons for approval, can be downloaded from the Documents section.
-
May 29, 2019
Justice Belobaba approved the settlement with Deutsche Bank and also approved the fees and disbursements of Class Counsel. You can find the settlement approval order here, the fee approval order here and the Court’s reasons for approval here.
-
February 19, 2019
A national settlement, totaling $3,350,360.95 has been reached with Deutsche Bank AG, Deutsche Bank Securities Limited, and Deutsche Bank Securities, Inc. (collectively “Deutsche Bank”), subject to court approval in Ontario and Quebec.
Motions to approve the Deutsche Bank Settlement will be heard in the Ontario Court on April 30, 2019 and the Quebec Court on June 17, 2019.
To view the Long Form Notice of Settlement Approval Hearing please click here. To view the Short Form Notice of Settlement Approval please click here.
Settlement Class Members have an opportunity to opt out of (exclude themselves from) the class action. A copy of the opt out form is available here.
-
February 11, 2019
Notices are issued to class members regarding the Deutsche Bank settlement. You can find the long form notice here and the short form notice here. If you wish to opt out of this class action, please review this form carefully.
-
February 5, 2019
Justice Belobaba granted a motion to remove some defendants related to Société Générale from the action and to amend the Statement of Claim. You can find His Honour’s Order and the Fresh as Amended Statement of Claim here.
-
October 25, 2018
This action was certified for settlement purposes against the Deutsche Bank defendants. There will be a motion to approve the settlement.
-
October 25, 2018
Justice Belobaba certified a settlement class and approved notices to the class regarding the Deutsche Bank settlement. You can find a copy of His Honour’s Order and the Settlement Agreement here.
-
August 27, 2018
Plaintiffs reached a settlement with the Deutsche Bank defendants.
-
March 28, 2018
The Plaintiffs served their Supplementary Certification Motion Record.
-
November 7, 2017
Plaintiffs’ Amended Amended Statement of Claim was issued.
-
August 28, 2017
The plaintiffs continue to work towards certification. A return date for the motion is still to be set.
-
March 28, 2017
The Class Proceedings Fund has agreed to fund this action.
-
February 28, 2017
The Plaintiffs’ Motion Record on Certification was served on the Defendants.
-
February 25, 2016
An Amended Statement of Claim was issued.
-
January 15, 2016
The Statement of Claim was issued on January 15, 2016
-
December 18, 2015
Lawsuit initiated in the Ontario Superior Court of Justice.
-
December 18, 2015
The Notice of Action was issued on December 18, 2015
-
January 17, 2024
-
Documents
-
FAQS
What is a class action?
A class action is a lawsuit which provides a method for a large group of people with common claims to join together to advance one large claim. Class actions are a more efficient and cost-effective way for groups of people with common claims to gain access to the legal system and seek justice.
What does certification mean?
In order for an action to proceed as a class action, the court must determine whether it is appropriate for the case to be treated as a class action. Some of the factors the courts consider are the extent to which the claims of the class
members are common, and whether a class action is preferable to other methods (such as individual actions) of advancing the issues. The decision as to whether a class action should be certified takes place at a certification hearing and is decided by a judge. If certified, a representative plaintiff will advance the action on behalf of all of the class members.How do I know if I am a Class Member?
The certification order will always contain a description of who is a class member. We post the certification orders in our actions so that you can review them. You do not need to “sign up” to become involved in a class action. If you are included in the class description, you are automatically a class member who will be affected by the outcome of the class action unless you decide to “opt out”.
Are Class Members notified of the certification of the class proceeding?
Yes. After the claim has been certified, the court will authorize notice to be given to the members of the class.
Can I opt out of a class action and pursue independent legal action?
Yes. When a class action is certified, class members are always given an opportunity to opt out of the action. A deadline is imposed for opting out. If you do not opt out by the given deadline, class members will be bound by the outcome of the class action, whether it is successful or unsuccessful. If you opt out, you will not receive any benefit if the action is successful.
Will there be any cost to class members for legal fees?
Typically, class actions are handled on a contingency fee basis, which means that the class action lawyers will be paid only if the class action is successful at trial or settled. In that case, class counsel fees may be paid by the defendants or out of the settlement or judgment proceeds as approved by the court. In addition, the plaintiff may seek funding assistance from the Class Proceeding Fund which, if funding is granted, may provide funding for disbursements.
I still have questions…
Please feel to contact us by using the contact information on this site.
-
Contacts
Tollfree: 1-844-819-8522
