Commodity Exchange – Gold Futures and Options Trading Litigation

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 pending Settlements. 

 

Plaintiffs allege that, from January 1, 2004 through June 30, 2013 inclusive (the “Settlement Class Period”), Defendants (Deutsche Bank AG, HSBC Bank plc, Barclays Bank plc, Société Générale SA, The Bank of Nova Scotia, and The London Gold Market Fixing Limited) conspired 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 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.  The Settlements 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.  





















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Important Dates

  • Claim Form Deadline

    Tuesday, April 19, 2022 The claim filing deadline has now passed. You must have submitted your new or revised Claim Form no later than Tuesday, April 19, 2022.
  • Exclusion Deadline

    Tuesday, April 19, 2022

    The exclusion deadline has now passed.  You must have completed and mailed your request for exclusion so that it was received no later than Tuesday, April 19, 2022.

  • Objection Deadline

    Friday, June 24, 2022 The objection deadline has now passed. You must have mailed your objection(s) and/or notice of intent to appear at the Final Approval Hearing so that it/they were received no later than Friday, June 24, 2022.
  • Fairness Hearing

    Friday, August 5, 2022 The Fairness Hearing for the Third Settlement Agreement and for the Plans of Allocation took place on Friday, August 5, 2022 at 10:00 AM. All Settlements and Plans of Allocation have now been approved.

Documents Regarding Final Approval of the Third Settlement Agreement

Documents Regarding Motion for Attorneys’ Fees, Litigation Expenses, and Incentive Awards

Documents Regarding Preliminary Approval of Notice and Plan of Allocation for the Third Settlement Agreement

Documents Regarding the Claim Process

Documents Regarding Preliminary Approval of the Third Settlement Agreement

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