Commodity Exchange – Gold Futures and Options Trading Litigation
nited States District Court Southern District of New York
Case. No 14-MC-2548(VEC)
nited States District Court Southern District of New York
Case. No 14-MC-2548(VEC)
If you from January 1, 2004 through
June 30, 2013, either (A) sold any physical gold or financial or derivative
instrument in which gold is the underlying reference asset, or (B) bought gold
put options in transactions conducted over-the-counter or in whole or in part
on COMEX or on any other exchange operated in the United States, you may be
eligible to receive a payment from pending Settlements.
NEW Please note that your rights may have changed following a January 5, 2022 court hearing, after which the Court issued a series of new orders, available in the “Documents” section of this website. There is, among other things, a new (third) settlement and a proposed change to the Plans of Allocation. Settlement Class Members have new deadlines to file new or revised claim forms, to exclude themselves from the Settlements, or to file objections on certain issues.
The Court has not decided for or
against Plaintiffs or Defendants. Instead, Plaintiffs’ Co-Lead Counsel
engaged in negotiations with the Defendants to reach a negotiated resolution of
the claims against the Defendants in this Action. The Settlements allow
Plaintiffs and Defendants to avoid the risks and costs of lengthy litigation
and the uncertainty of pre-trial proceedings, a trial, and appeals. If
approved, the Settlements would permit eligible Settlement Class Members, who
file timely and valid Proof of Claim and Release Forms, to receive
compensation, rather than risk ultimately receiving nothing. Plaintiffs
and Plaintiffs’ Co-Lead Counsel believe the Settlements are in the best
interest of all Settlement Class Members.
Following a January 5, 2022 hearing,
there are now two sets of settlements—the “Original Settlements” and the “Third
Settlement Agreement.” The settlements
are at different stages and thus your rights differ depending on which
settlement is at issue.
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YOUR LEGAL RIGHTS AND OPTIONS |
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DO NOTHING (prior claimants) |
If you are a Settlement Class
Member and you submitted a claim in connection with the Original Settlements,
unless you direct the Settlement Administrator otherwise, your information
will automatically be treated as if also submitted in connection with the
Third Settlement Agreement. Thus, if
you already have submitted a claim, you need not re-submit the same
information. |
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FILE A NEW OR REVISED CLAIM |
A change to the Plan of Allocation
has been proposed that would, if approved, allow positions opened and closed
the same day to be included in the calculations for each class member’s pro
rata share under the Plan of Allocation.
If you are a Settlement Class Member and you submitted a claim in
connection with the Original Settlements, you may submit a revised claim,
including to supplement your claim with information about positions opened
and closed on the same day. If you did
not submit a claim in connection with the Original Settlements, you can still
do so. To qualify for payment, you must
submit a Proof of Claim and Release Form to the Settlement Administrator. New or revised Proof of Claim and Release
Forms must be mailed or submitted electronically by April 19, 2022. |
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EXCLUDE YOURSELF |
You can exclude yourself by
sending a written “Request for Exclusion” so that it is received no later
than April 19, 2022. The request should make clear whether
you seek to be excluded from the Original Settlements, the Third Settlement
Agreement, or all the Settlements. |
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OBJECT |
If you are a Settlement Class
Member and you do not exclude yourself, you can tell the Court what you think
about the Plans of Allocation for the Original Settlements and the Third
Settlement Agreement. If you are a Settlement
Class Member and you do not exclude yourself, you can also tell the Court
what you think about the Third Settlement Agreement, any application for
attorneys’ fees, reimbursement of litigation costs and expenses requested in
connection with the Third Settlement Agreement, and/or any service or
incentive awards for Plaintiffs requested in connection with the Third
Settlement Agreement. You can give
reasons why you think the Court should approve them or not. The Court will consider your views. Your
objection must be received no later than June 24, 2022.
The deadline for objecting to the
Original Settlements and Co-Lead Counsel’s request for fees and expenses in
connection with the Original Settlements has passed. Therefore, you have no further right to
object to any of the terms of the Original Settlements, or the fee and
expense awards the Court has already informed Plaintiffs that it will grant
in connection with the Original Settlements. |
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GO TO A HEARING |
The Fairness Hearing is scheduled for Friday, August
5, 2022, at 10:00 A.M. Please continue to check this website for updates as to
date, time, and access information. |
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DO NOTHING (if you did not already submit a claim) |
If you are a Settlement Class
Member and you did nothing in connection with the Original Settlements, and
you continue to do nothing, you will not get any money from any
Settlement. You will remain in the
Settlement Classes and be bound by the decisions of the Court in this matter. |
