United 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 this Settlement.
Plaintiffs allege that, from January 1, 2004 through June 30, 2013 inclusive (the “Settlement Class Period”), the Settling Defendants conspired with Barclays Bank plc, Société Générale SA, The Bank of Nova Scotia, and The London Gold Market Fixing Limited (together, “Non-Settling Defendants”) to drive down the price of gold around the time of a daily, secret, and unregulated afternoon meeting (the “PM Gold Fix”). The PM Gold Fix was intended to determine the global benchmark price per ounce of gold (the “Fix price”) based on supply and demand fundamentals stemming from a competitive gold auction among the Fixing members. However, Defendants allegedly capitalized on the lack of regulatory oversight and the private nature of the PM Gold Fix to facilitate Defendants’ agreement to manipulate and fix gold prices and the prices of Gold Investments during the Settlement Class Period. Defendants’ conduct harmed other market participants like Plaintiffs and the Settlement Class. “Gold Investments” means (i) gold bullion, gold bullion coins, gold ingots, gold bars, or any other form of physical gold, (ii) gold futures contracts in transactions conducted in whole or in part on COMEX or any other exchange operated in the United States (iii) shares in gold ETFs, (iv) gold call options in transactions conducted over-the-counter or in whole or in part on COMEX or any other exchange operated in the United States (v) gold put options in transactions conducted over-the-counter or in whole or in part on COMEX or any other exchange operated in the United States, and (vi) gold spot, gold forwards, or gold swaps traded over-the-counter.
The Court has not decided for or against Plaintiffs or the Settling Defendants. Instead, Plaintiffs’ Co-Lead Counsel engaged in negotiations with the Settling Defendants to reach a negotiated resolution of the claims against the Settling Defendants in this Action. The Settlements allow Plaintiffs and the Settling 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.
|YOUR LEGAL RIGHTS AND OPTIONS|
|FILE A CLAIM||To qualify for payment, you must submit a Proof of Claim and Release Form to the Settlement Administrator. Proof of Claim and Release Forms must be mailed or submitted electronically by August 23, 2021.|
|EXCLUDE YOURSELF||You can exclude yourself by sending a written “Request for Exclusion” so that it is received no later than August 6, 2021.|
|If you are a Settlement Class Member and you do not exclude yourself, you can tell the Court what you think about the Settlement. You can object to all or any part of the Settlement, Plan of Allocation, and/or application for attorneys’ fees, reimbursement of litigation costs and expenses, and any service awards for Plaintiffs. 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 not later than August 6, 2021.|
|GO TO A HEARING|
NEW Fairness Hearing Date.
Wednesday, October 13, 2021
Pursuant to Court order dated August 30, 2021, a copy of which is found in the Documents section, the Fairness Hearing is currently scheduled for Wednesday, October 13, 2021 at 10:00 a.m. at the Thurgood Marshall United States Courthouse, 40 Foley Square, New York, New York, Courtroom 443. This hearing may be conducted remotely. The remote-access information is contained in that order, which is in the “Documents” portion of this site. PLEASE NOTE THAT THIS FAIRNESS HEARING SCHEDULE DIFFERS FROM THAT CONTAINED IN THE ORIGINAL NOTICE. Please continue to check this website for updates as to date, time, and access information.
|DO NOTHING||If you are a Settlement Class Member and you do nothing, you will not get any money from the Settlement. You will remain in the Settlement Class and be bound by the decisions of the Court in this matter.|