Gold Price Manipulation Class Action

• 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.

• 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.

• 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.

• October 25, 2018

  This action was certified for settlement purposes against the Deutsche Bank defendants. There will be a motion to approve the settlement.

• 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.

• January 15, 2016

  The Statement of Claim was issued on January 15, 2016

• December 18, 2015

  The Notice of Action was issued on December 18, 2015

Show All

• January 15, 2016 Statement of Claim
• December 18, 2015 Notice of Action

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.

Tollfree: 1-844-819-8522

Email: goldpriceclassaction@kmlaw.ca