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. 

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. 

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.  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. 

YOUR LEGAL RIGHTS AND OPTIONS

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. 

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

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.

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.

GO TO A HEARING

The Fairness Hearing with 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.  

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.

This website is authorized by the Court, supervised by counsel and controlled by the Settlement Administrator approved by the Court. This is the only authorized website for this case. Please note, however, that documentation on this site does not include all materials filed in the litigation; a complete set of filed materials are publicly accessible via PACER, the federal court system’s electronic public access portal.

For more information please call 844-271-4787

Documents

Documents

Contact

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Submit Claim

Click here to safely and securely submit a Claim Form.

Important Dates

  • Claim Form Deadline

    Tuesday, April 19, 2022
    You must submit your new or revised Claim Form on-line no later than Tuesday, April 19, 2022, or mail your completed paper Claim Form so that it is postmarked no later than Tuesday, April 19, 2022.
  • Exclusion Deadline

    Tuesday, April 19, 2022
    You must complete and mail your request for exclusion so that it is received no later than Tuesday, April 19, 2022.
  • Objection Deadline

    Friday, June 24, 2022 You must mail your objection(s) and/or notice of intent to appear at the Final Approval Hearing so that it/they are 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 is scheduled for Friday, August 5, 2022 at 10:00 AM.

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