Commodity Exchange – Gold Futures and Options Trading Litigation

Frequently Asked Questions

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Questions

Answers

1. WHAT IS THIS LAWSUIT ABOUT?


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 Defendants, by virtue of their overt but non-public interactions in connection with the daily Gold Fixing, were uniquely positioned to effectively “name their own” Fix price and thereby to gain an unfair advantage with respect to the contracts, derivatives, and physical positions that they held in the market, all of which were correlated to the Fix price in one way or another.  In particular, Plaintiffs allege that Defendants were motivated to profit, and did in fact profit, from their intentional and coordinated suppression of gold prices around the PM Fixing, which had the effect of depressing prices for Gold Investments.  Plaintiffs allege that Defendants effectuated their conspiracy in several ways.  For example, leading up to the PM Fixing, Defendants allegedly collected confidential client order information and then improperly shared that information amongst themselves in order to compare and coordinate the execution of particularly large sell trades, thereby driving down the gold spot price immediately before and during the Fixing call.  During the Fixing window itself, Plaintiffs allege that Defendants offered “rigged” auction rates that were either fabricated or artificially depressed by Defendants’ prior coordination of large sell orders, which had the effect of magnifying a downward effect in the resulting Fix price.  Defendants also allegedly communicated with each other throughout the day through phone calls, chat rooms, and other forms of electronic communication to coordinate trading (including to “net off” large buy orders) in order to ensure that their efforts to drive down the gold price were not undone by counteracting trading activity.  Plaintiffs further allege that Defendants used manipulative trading tactics such as “spoofing” (sending false signals to the market by placing large orders that were never executed), “wash sales” (placing large orders that are executed and then quickly reversed), and “front running” of customer orders in order artificially to suppress the price of gold.

Plaintiffs have asserted legal claims under federal antitrust law for price fixing and unlawful restraint of trade; under the Commodity Exchange Act for price manipulation, manipulation by false reporting and fraud and deceit, aiding and abetting and principal-agent liability, and under the common law.

Plaintiffs and Plaintiffs’ Co-Lead Counsel believe that Settlement Class Members have been damaged by Defendants’ conduct.  Defendants do not agree with the allegations made by Plaintiffs, believe that they have meritorious defenses to Plaintiffs’ allegations, and believe that certain of Plaintiffs’ claims would have been rejected prior to trial, at trial (had Plaintiffs successfully certified a class and survived summary judgment motions), or on appeal.  As a result, the Defendants believe Settlement Class Members would have received nothing if the litigation had continued to trial.

The Court has not decided for or against Plaintiffs or the Defendants.  Instead, Plaintiffs’ Co-Lead Counsel engaged in negotiations with the Defendants to reach a negotiated resolution of the claims against them.  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.

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2. WHAT DO THE SETTLEMENTS PROVIDE?


The agreement with Deutsche Bank and the agreement with HSBC are referred to as the “Original Settlements,” and those banks are referred to as the “Original Settling Defendants.”  The Original Settling Defendants will collectively pay the Settlement Class $102 million.

 

The agreement with the remaining Defendants (Barclays Bank PLC, The Bank of Nova Scotia, Société Générale, and The London Gold Market Fixing Limited) is referred to as the “Third Settlement Agreement", and those Defendants are referred to as the “Newly Settling Defendants.”  The Newly Settling Defendants will collectively pay the Settlement Class $50 million.

 

The amount of payments to Settlement Class Members will be determined by the Plans of Allocation that the Court approves for each Settlement.  The proposed Plans of Allocation will allocate the Net Settlement Fund equitably among Authorized Claimants on a pro rata basis based on the total qualifying claim amounts, adjusted for certain factors, such as the time period and type of the Authorized Claimants’ transactions.  If, as an Authorized Claimant, your total distribution is below a minimum threshold, you may instead receive an Alternative Minimum Payment.  The Alternative Minimum Payment will be a set amount for all such Authorized Claimants.  

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3. Who is included in the settlements?


The Settlement Classes for both the Original Settlements and the Third Settlement Agreement are defined the same way:  All persons or entities who during the period 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, including, but not limited to, those who sold (i) gold bullion, gold bullion coins, gold bars, gold ingots or any 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 exchange-traded funds (“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 spot, gold forwards or gold swaps over-the-counter; 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.

Excluded from the Settlement Classes are Defendants, their officers, directors, management, employees, affiliates, parents, subsidiaries, and co-conspirators, whether or not named in the Action, and the United States Government, and other governments.  Also excluded is the Judge presiding over this action, her law clerks, spouse, and any person within the third degree of relationship living in the Judge’s household and the spouse of such a person.

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4. WHAT do I do if I am not sure I am a class member?


If you are not  sure whether you are a Class Member  can call toll-free 1-844-271-4787 (if calling from outside the United States or Canada, call 1-267-238-9078) or contact the Settlement Administrator through the contact section of this website.

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5. What am I giving up staying in the Settlement?


IF YOU HAVE NOT VALIDLY REQUESTED TO BE EXCLUDED FROM A SETTLEMENT CLASS, WHEN THAT SETTLEMENT BECOMES FINAL YOU WILL BE RELEASING THE RELEVANT SETTLING DEFENDANTS AND THE RELEASED PARTIES FROM THE CLAIMS DESCRIBED BELOW, AND YOU WILL BE BOUND BY THE RELEASES IN THE RELEVANT SETTLEMENT AGREEMENT(S) INCLUDING THE COVENANT NOT TO SUE THE RELEASED PARTIES.


Unless you exclude yourself from the Settlement Class for the Third Settlement Agreement, you will be bound by past and any future Court rulings, including rulings on the Third Settlement Agreement and released claims relating to the Third Settlement Agreement.  Unless you exclude yourself from the Settlement Class for the Third Settlement Agreement, you will not be able to start a lawsuit, continue with a lawsuit, or be a part of any other lawsuit against the Newly Settling Defendants or any of the other Newly Settling Defendant Released Parties on the basis of the Released Claims in the Third Settlement Agreement. 

 

Unless you exclude yourself from the Settlement Class for the Original Settlements, you will be bound by past and any future Court rulings, including rulings on the Original Settlements and released claims relating to the Original Settlements.  Unless you exclude yourself from the Settlement Class for the Original Settlements, you will not be able to start a lawsuit, continue with a lawsuit, or be a part of any other lawsuit against the Original Settling Defendants or any of the other Original Settling Defendant Released Parties on the basis of the Released Claims in the Original Settlements. 

 

The capitalized terms used in this paragraph are defined in the Settlement Agreements, Preliminary Approval Orders, or the Notices available in the documents section of this website.  For easy reference, certain of these terms are copied below:

 

•         “Released Parties” means each Settling Defendant, and all of its respective past or present direct and indirect corporate parents (including holding companies), subsidiaries, related entities and affiliates, associates (all as defined in SEC Rule 12b-2 promulgated pursuant to the Securities Exchange Act of 1934), predecessors, successors, and all of their respective officers, directors, partners, managing directors, employees, agents, contractors, attorneys, legal or other representatives, trustees, trusts, heirs, beneficiaries, estates, executors, administrators, insurers, shareholders, advisors, and assigns.  Released Parties does not include any of the Non-Settling Defendants.

 

•         “Releasing Parties” means individually and collectively each Settlement Class Member, on behalf of themselves and any of their respective past or present officers, directors, stockholders, agents, employees, legal representatives, partners, associates, trustees, parents, subsidiaries, divisions, affiliates, heirs, executors, administrators, purchasers, predecessors, successors, and assigns, regardless of whether the Settlement Class Member submits any claim for payment or receives any such payment pursuant to any claims process that may be established and approved by the Court.  In the case of a Settlement Class Member that is an Employee Benefit Plan (or a fiduciary acting on behalf of an Employee Benefit Plan), the terms of this Agreement shall bind the Employee Benefit Plan and all Persons who may have any claim by reason of their relationship with the Employee Benefit Plan, including all of its fiduciaries, beneficiaries and participants.

 

•         “Released Claims” means any and all manner of claims, causes of action, cross claims, and shall include Unknown Claims, causes of action, crossclaims, counter-claims, charges, liabilities, demands, judgments, suits, obligations, debts, setoffs, rights of recovery, or liabilities for any obligations of any kind whatsoever (however denominated), whether class or individual, in law or equity or arising under constitution, statute, regulation, ordinance, contract, or otherwise in nature, for fees, costs, penalties, fines, debts, expenses, attorneys’ fees, and damages, whenever incurred, and liabilities of any nature whatsoever (including joint and several), known or unknown, suspected or unsuspected, asserted or unasserted, which any Class Plaintiffs or Settlement Class Members ever had, now has, or hereafter can, shall or may have, representatively, derivatively or in any other capacity, against the Released Parties arising from or relating in any way to conduct alleged in the Action or that could have been alleged in the Action, in any event arising from the same factual predicate of the Action, and concerning, relating to or arising out of any Gold Investment Transaction from January 1, 2004 through March 20, 2015.

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6. How Do I object to the Settlements?


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.

However, 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.

If you want to make an objection in the Action, you may enter an appearance in the Action, at your own expense, individually or through counsel of your own choice, by filing with the Clerk of Court a notice of appearance and your objection, and serving copies of your objection on Plaintiffs’ Co-Lead Counsel and the Settling Defendants’ Counsel by June 24, 2022 to the following mailing addresses:

 

 

Plaintiffs’ Interim Co-Lead Counsel

Merrill Davidoff
Berger Montague PC 
1818 Market Street, Suite 3600
Philadelphia, PA 19103

Daniel Brockett
Quinn Emanuel Urquhart & Sullivan LLP
51 Madison Avenue, 22nd Floor
New York, NY 10010

Deutsche Bank Counsel
Robert W. Allen
Kirkland & Ellis LLP
601 Lexington Ave.
New York, NY 10022

HSBC Counsel
Damien J. Marshall
King & Spalding LLP
1185 Avenue of the Americas, 34th Floor
New York, NY 10036

Bank of Nova Scotia Counsel

Stephen Ehrenberg

Sullivan & Cromwell LLP

125 Broad Street

New York, NY 10004

 

Barclays Bank PLC Counsel

Todd S. Fishman

Allen & Overy LLP

1221 Avenue of Americas

New York, NY 10020

 

Michael S. Feldberg

Reichman Jorgensen Lehman & Feldberg LLP

750 Third Avenue, 24th Floor

New York, NY 10017

 

Société Générale Counsel

Marc J. Gottridge

Herbert Smith Freehills New York LLP

450 Lexington Avenue

New York, NY 10017

 

The London Gold Market Fixing Limited Counsel

James V. Masella, III

Patterson Belknap Webb & Tyler LLP

1133 Avenue of the Americas

New York, New York 10036


If you choose to object, you must file a written objection with the Clerk of the Court.  You cannot file an objection by telephone or email.  Your written objection must include a statement of the objection, as well as the specific legal and factual reasons for each objection, including all support that the objecting Class Member or the governmental entity wishes to bring to the Court’s attention and all evidence the objecting Class Member or governmental entity wishes to introduce in support of his, her, or its objection.  The submission must contain: (i) a heading that refers to this Action by case name and case number (IN RE: COMMODITY EXCHANGE, INC., GOLD FUTURES AND OPTIONS TRADING LITIGATION, Nos. 14-MD-2548 (VEC) (S.D.N.Y.)); (ii) a statement of the specific legal and factual basis for each objection, including whether the objection applies only to the objecting person, a specific subset of the Settlement Class, or the entire Settlement Class; (iii) a statement of whether the objecting person or entity intends to appear at the Fairness Hearing, either in person or through counsel and, if through counsel, a statement identifying that counsel by name, address, and telephone number; (iv) a description of any and all evidence the objecting person or entity may offer at the Fairness Hearing, including but not limited to the names, addresses, and expected testimony of any witnesses; all exhibits intended to be introduced at the Fairness Hearing; and documentary proof of the objecting person’s membership in the Settlement Class; (v) a description of the Gold Investment transactions entered into by the member of the Settlement Class that fall within the Settlement Class definition; and (vi) a list of other cases in which the objector or counsel for the objector has appeared either as an objector or counsel for an objector in the last five years.  Persons who have timely submitted a valid Request for Exclusion are not Class Members and are not entitled to object with respect to the Settlements they excluded themselves from.  All written objections must be signed by the Class Member (or his, her, or its legally authorized representative), even if the Class Member is represented by counsel.

If you do not timely and validly submit your objection, your views will not be considered by the Court or any court on appeal.  Check this website for updates on important dates and deadlines relating to the Original Settlements and the Third Settlement Agreement.

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7. How do I request to be excluded from the settlement?


You can exclude yourself by sending a written “Request for Exclusion.”  You cannot exclude yourself by telephone or email.  Your written Request for Exclusion must contain: (a) the name, address, and telephone number of the Settlement Class Member; (b) a list of all trade names or business names that the Settlement Class Member requests to be excluded; (c) the name and case number of this Action (IN RE: COMMODITY EXCHANGE, INC., GOLD FUTURES AND OPTIONS TRADING LITIGATION, Nos. 14-MD-2548 (VEC) (S.D.N.Y.)); (d) a statement certifying such person is a Settlement Class Member; (e) a description of the Gold Investment transactions entered into by the Settlement Class Member that fall within the Settlement Class definition; and (f) a clear statement of which Settlement Class the request is being made in connection with, i.e., either: (i) “I/we hereby request that I/we be excluded from the Settlement Class with respect to the Third Settlement Agreement”, (ii) “I/we hereby request that I/we be excluded from the Settlement Class with respect to the Original Settlements,” or (iii) “I/we hereby request that I/we be excluded from the Settlement Classes with respect to the Original Settlements and the Third Settlement Agreement.” 

 

If you are unwilling or unable to provide a description of the Gold Investment transactions, your Request for Exclusion must contain a short explanation as to why you are unwilling or unable to do so.  The Court will decide on a case-by-case basis, depending on the strength of your explanation, whether your Request for Exclusion is effective despite the lack of disclosure.

 

A Request for Exclusion that does not include all of the foregoing information (or an explanation as to undisclosed transaction information), that does not contain the proper signature, that is sent to an address other than the one designated below, or that is not sent within the time specified shall be invalid and the person(s) filing such an invalid request shall stay a Settlement Class Member and shall still be bound by the terms of the relevant Settlement, if approved.  Requests for Exclusion from a Settlement Class must be sent by U.S. first class mail (preferably certified mail) (or, if sent from outside the U.S., by a service that provides for guaranteed delivery within five (5) or fewer calendar days of mailing) to the Settlement Administrator at:

 

Gold Fixing Settlement EXCLUSIONS

c/o Kroll Settlement Administration

       PO Box 8519               

      Philadelphia, PA 19101-8519         

    

Requests for exclusion must be received no later than April 19, 2022.

 

If you submit a valid and timely Request for Exclusion in the manner set forth above, you will not be bound by the relevant Settlement Agreement and can independently pursue claims you may have against the applicable Settling Defendants at your own expense.  However, if you exclude yourself from a Settlement Class, you will not be eligible to share in the Net Settlement Fund created by the applicable Settlement Agreement(s) and shall have no rights under the applicable Settlement Agreement(s).  In addition, if you exclude yourself from the Settlement Class for the Third Settlement Agreement, you will not be entitled to object to the Third Settlement Agreement or to appear at the Fairness Hearing with respect to the Third Settlement Agreement.   

 

Excluding yourself from the Original Settlements has no impact on your rights with respect to the Third Settlement Agreement.  Likewise, excluding yourself from the Third Settlement Agreement will not retroactively alter your rights with respect to the Original Settlements.  Importantly, this means that if you wish to be excluded from the Third Settlement Agreement, you must file an exclusion request following the instructions above even if you previously filed a similar exclusion request in connection with the Original Settlements. 

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8. How will Attorneys' fees and cost be paid?



Settlement Class Members are not personally responsible for payment of attorneys’ fees or expenses.  The Court has informed Plaintiffs that it will award attorneys’ fees in the amount of $28,200,000 and expenses in the amount of $8,027,282 in connection with the Original Settlements.  However, as additional compensation for their time and their risk in prosecuting the litigation on a wholly contingent fee basis for over seven years, Plaintiffs’ Interim Co-Lead Counsel will ask the Court for an additional award of attorneys’ fees in connection with the Third Settlement Agreement in an amount not to exceed $16,640,000, an amount that would bring fees in the action to 29.5% of the total case recoveries.  Co-Lead Counsel will also ask the Court for an additional award for still-unreimbursed litigation costs and expenses, which Co-Lead Counsel currently estimate to be less than $3,500,000.  Co-Lead Counsel’s actual requests may vary.  In addition, Co-Lead Counsel will ask the Court for interest on such attorneys’ fees, costs and expenses at the same rate as the earnings in the Settlement Fund, accruing from the inception of the Settlement Fund until the attorneys’ fees and Litigation Expenses are paid, all to be deducted from the Settlement Fund.  Co-Lead Counsel may apply for payment from the Settlement Fund for an “Incentive Award” to those who served as named Plaintiffs in the Action.  Plaintiffs may seek reimbursement of their own expenses and compensation for their time devoted to this litigation in the aggregate amount to be determined by the Court and paid from the Settlement Fund.  Co-Lead Counsel may also apply at the time of any application for distribution to qualifying members of the Settlement Class, for an award from the Settlement Fund of attorneys’ fees for services performed and reimbursement of expenses incurred in connection with the administration of the Settlement Agreement after the date of the Fairness Hearing.  

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9. When and Where is the Fairness Hearing?


The Fairness Hearing for all aspects of the Original Settlements other than the revised Plan of Allocation, including the fee and expense application in connection with the Original Settlements, was held on January 4, 2022.

Another Fairness Hearing has been scheduled for August 5, 2022, at 10:00 A.M.  At the Fairness Hearing, the Court will determine, among other things, whether the proposed Third Settlement Agreement is fair, reasonable, and adequate.  The Court will also consider Plaintiffs’ Interim Co-Lead Counsel’s second request for attorneys’ fees and reimbursement of litigation expenses in connection with the Third Settlement Agreement.  The Court will also consider the Plans of Allocation for all three settlements.  

The time and date of the Fairness Hearing may be continued from time to time without further notice and you are advised to confirm the time and location if you wish to attend.  The process for attending remotely may also change without further notice.  However, as soon as practicable after any change in the scheduled date and time or remote-access procedures, such change will be posted on this website.

If you are a Class Member, you are entitled to appear, in person or through duly authorized attorneys, and to show cause why the Settlement or other applications should or should not be approved.  However, if you wish to appear, you must submit a written statement, along with any materials you wish the Court to consider—see Section III above.  This written statement must be received by the Court (at the address provided above) no later than June 24, 2022, or it will not be considered.  Such materials must also be served on Plaintiffs’ Interim Co-Lead Counsel and counsel of record for the Newly Settled Defendants at the addresses set forth in Section III by overnight mail or by hand or they will not be considered.

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10. How do I get Additional Information?


The Settlement Agreements and other important documents related to these Actions are available in the documents section of this website and   also available for review during normal business hours at the office of the Clerk of Court, United States District Court for the Southern District of New York, 500 Pearl Street, New York, New York 10007-1312.  If you have questions about the Notice, the procedure for registering, or the Settlement Agreements, you may contact Plaintiffs’ Interim Co-Lead Counsel at the address listed in Section FAQ 10.

DO NOT CONTACT THE DISTRICT COURT OR THE CLERK'S OFFICE REGARDING THIS WEBSITE.

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11. What dollar figure do I use for the Transaction Amount for options?


The premium paid or received, not the amount of underlying gold referenced in the option.

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12. Does the fact I also bought gold reduce my the “Transaction Amount” I should report on the Claim Form?


No, but care must be taken because while most of the qualifying transaction types are sales, for gold put options only, purchases qualify.  Thus, generally speaking, the option premium amounts for bought gold put options plus the sales amount for all other types of qualifying transactions should be added together to form the reported annual qualifying Transaction Amount.  The resulting total should not be reduced by, for example, purchases of physical gold or sales of put options.

For example, if a class member sold $100,000 in physical gold in a qualifying year, but bought $80,000 in physical gold the same year, the Claim Form should list a Transaction Amount of $100,000 (the gross sales amount) not $20,000 (the “net” amount).  If the same class member also spent $10,000 on gold put option purchase premiums, the Transaction Amount for that year would be $110,000, even if the class member also sold put options that year.

Please note the important exception to all this is that no positions should be reported in the first three tables of the Claim Form if they were opened and closed the same day.  All such otherwise qualifying positions should instead be reported separately in the fourth table.

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13. What numbers do I use for a futures contract?


Presume you sold 10 futures contracts, where each contract covered 100 ounces of gold for a price of $1,600 per ounce.  The transaction would count as $1,600,000 (= 10 contracts x 100 ounces per contract x $1,600 per ounce).  You would repeat this for other contracts sold that year to arrive at the “Annual Transaction Amount.”  Note, however, that you should not include positions—of any transaction type, including futures—that were open and closed the same day in the first three tables of the Claim Form.  All such otherwise qualifying positions should instead be reported separately in the fourth table.

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14. On what basis might I declare that I know a transaction occurred "in the United States"?


As stated in the claim form, only transactions occurring in the United States or on an exchange in the United States qualify.  Thus, for instance, transactions done over COMEX would qualify regardless of your domicile and regardless of where the gold would have been delivered if physical delivery were taken.    

For OTC contracts, if either you or your counterparty was domiciled in the United States at the time of the transaction, absent additional facts, the administrator would likely take that as a good-faith basis to make the declaration that the trade occurred in a relevant way in the United States.  At the same time, if you did have data indicating where the specific traders involved were located at the time of a given transaction, absent additional facts, the administrator would also likely take that as a good-faith basis to make the declaration that the trade occurred in a relevant way in the United States.

To be clear, however, whether a given claim is actually accepted would turn on the totality of the facts and circumstances, including those revealed in any potential audit of a given claim.  If you believe you have additional facts that indicate a trade “occurred” in the United States, please contact the Settlement Administrator thru the contact section of this website.    

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15. How do I account for “swaps”?  Which “swaps” are eligible?


When filling out their claim forms, claimants should treat each leg of a swap as a separate transaction.  To be eligible for a claim, a given leg of the swap must meet the definition of “Gold Investments” as specified in the settlement notice.  A given leg of the swap would not be entered into the claim form if it is equal to a fixed dollar amount, references an asset other than gold, or is otherwise not considered a Gold Investment.  Swaps that were entered and exited on the same day would not be entered into the claim form.

 

If the swap leg involves a negative or short exposure to the Gold Investment, that leg should be entered into the claim form for the year during which the swap position was opened.  If the swap involves a positive or long exposure to the Fix-Linked Instrument, that leg should be entered into the claim form for the year during which the swap position was exited.

Each leg of the swap will be entered into the claim form according to the same instructions that apply to all other Gold Investments, including the following

-    For swap legs involving spot, forwards, futures, or ETF shares, the claimant should enter the total dollar value of that leg into the appropriate section of the claim form. For swap legs involving long put options or short call options, the claimant should enter the option premium only. 

-    Swap legs involving Gold Investments expressly linked to the London PM Gold Market Fixing would be entered into Part II, Section 1 of the claim form (“Fix-Linked Transactions”). 

-    Swap legs involving shares of ETFs or derivatives thereof would be entered into Part II, Section 3 of the claim form (“ETF Other Transactions”).

-    Swap legs involving any other Gold Investments would be entered into Part II, Section 2 of the claim form (“Non-ETF Other Transactions”).

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16. Which ETFs qualify for claims?


Pursuant to the Claim Form and footnote 1 of the Plan of Allocation, to qualify as an “ETF Other Transaction,” generally the ETF should invest only in gold bullion and the performance of its shares should generally track the price of gold bullion, less the costs of its operations.  The Claims Administrator has determined that, in addition to “GLD” and “IAU” ETFs disclosed on the initial Claim Form, the gold ETFs “SGOL”, "PHYS", "GTU" and "PHAU" also may qualify as disclosed in the revised Claim Form.  Accordingly, qualifying “SGOL”, "PHYS", "GTU" and "PHAU" transactions can also be included in the third table in the Claim Form.  Please contact the Claims Administrator if you have any questions, or if you believe other ETF shares should qualify.  

Please take note of the other requirements, including without limitation that the transaction must have taken place in the United States. Transactions of PHYS carried out on a non- U.S. exchange, for example, thus should not be included in the Claim Form.

Please contact the Claims Administrator if you have any questions, or if you believe other ETF shares should qualify.

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17. Why did I receive a second Notice?


First, the February 2022 notice was sent in connection with a new and additional (third) settlement. Second, the February 2022 notice was sent in connection with a proposed change to the Plan of Allocation in connection with two prior settlements.

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18. How do I know if I have a claim on file?

To verify a previous claim submission or for any questions regarding claim status please email [email protected]

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19. If I did not file previously, can I file a timely claim now?


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. Even if you did not file previously, you may do so until then.

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20. I filed a claim.  Do I need to refile?

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. However, 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.

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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

Contact us with any inquiries, comments, and/or requests.

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.

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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