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The law firms of Siskinds LLP, Sotos LLP, Koskie Minsky LLP, and Camp Fiorante Matthews Mogerman LLP are legal counsel in a class action against financial institutions (the “Defendants”) who conspired to fix, raise, decrease, maintain, stabilize, control or enhance unreasonably the price of gold and gold-related investment instruments. Siskinds’ Québec-based affiliate, Siskinds Desmeules, also filed a similar gold price manipulation class action on behalf of Québec residents.

Conspiracy to manipulate gold market prices

Beginning at least as early as 2004 and continuing through to March 19, 2014, the defendants conspired with each other to fix, raise, decrease, maintain, stabilize, control or enhance unreasonably prices in the gold market. This was done to enhance the profits of some or all of the defendants at the expense of the Class Members. As a result of this unlawful conduct, a class action has been commenced to seek redress on behalf of those affected. 

Developments

Settlement reached with Deutsche Bank

To resolve this class action, a national settlement, totaling $3,350,360.95 has been reached with Deutsche Bank AG, Deutsche Bank Securities Limited, and Deutsche Bank Securities, Inc. (collectively “Deutsche Bank”). The Deutsche Bank settlement has been approved by the Ontario and Quebec courts.

The settlement funds (plus interest, less court-approved fees and expenses) for the gold price manipulation case are being held in trust for the benefit of settlement class members. At a later date, the courts will be asked to approve a method of distributing the settlement funds to settlement class members.

Contested Litigation

The contested litigation is continuing against the remaining defendants.

The Québec class action has been stayed in favour of the Ontario action to proceed first.

The plaintiffs in the Ontario action lawsuit against financial institutions who conspired to set gold prices will be seeking to certify the Ontario action on behalf of a national class. At the certification motion, the court will determine whether this action is properly prosecuted as a class action. The certification motion has not yet been scheduled.

FAQs

Who is affected by the gold market manipulation class action?

You are affected by the class action (a “class member”) if you entered into a “Gold Market Instrument” in Canada between January 1, 2004 and March 19, 2014 either directly or indirectly through an intermediary, and/or purchased or otherwise participated in an investment or equity fund, mutual fund, hedge fund, pension fund or any other investment vehicle that transacted in a Gold Market Instrument.

What is a “Gold Market Instrument”?

A “Gold Market Instrument” includes but is not limited to:

  • Gold bullion or gold bullion coins
  • Gold futures contracts traded on an exchange operated in Canada
  • Shares in gold ETFs
  • Gold call options traded on an exchange operated in Canada
  • Gold put options traded on an exchange operated in Canada
  • Over-the-counter gold put options
  • Leases for gold
  • Gold certificates

Can I join the gold price manipulation class action?

There are no steps required to “join” the class action. Assuming you fall within the scope of the class definition, of someone who entered into “Gold Market Instrument” in Canada between January 1, 2004, and March 19, 2014, you are automatically included in the class action unless you “opt-out” (exclude yourself from the class action).

Can I exclude myself from the class action?

The time to opt-out of the gold market class action has passed.

What should I do to protect my rights?

To protect your legal rights, you should:

  1. Keep records of any Canadian purchases or sales of Gold Market Instruments between January 1, 2004 and March 19, 2014
  2. Register to receive updates on this case by filling out the form below.

I still have a question. Who should I contact?

For answers to common questions about class actions in Canada, such as timelines, eligibility, and settlement information, please visit our Class Action Lawsuit FAQ page.
If you have any other questions about the gold price manipulation case, please complete the contact form below.

Documents

Settlement reached with Deutsche Bank

To resolve this class action, a national settlement, totaling $3,350,360.95 has been reached with Deutsche Bank AG, Deutsche Bank Securities Limited, and Deutsche Bank Securities, Inc. (collectively “Deutsche Bank”). The Deutsche Bank settlement has been approved by the Ontario and Quebec courts.

The settlement funds (plus interest, less court-approved fees and expenses) for the gold price manipulation case are being held in trust for the benefit of settlement class members. At a later date, the courts will be asked to approve a method of distributing the settlement funds to settlement class members.

Contested Litigation

The contested litigation is continuing against the remaining defendants.

The Québec class action has been stayed in favour of the Ontario action to proceed first.

The plaintiffs in the Ontario action lawsuit against financial institutions who conspired to set gold prices will be seeking to certify the Ontario action on behalf of a national class. At the certification motion, the court will determine whether this action is properly prosecuted as a class action. The certification motion has not yet been scheduled.

Who is affected by the gold market manipulation class action?

You are affected by the class action (a “class member”) if you entered into a “Gold Market Instrument” in Canada between January 1, 2004 and March 19, 2014 either directly or indirectly through an intermediary, and/or purchased or otherwise participated in an investment or equity fund, mutual fund, hedge fund, pension fund or any other investment vehicle that transacted in a Gold Market Instrument.

What is a “Gold Market Instrument”?

A “Gold Market Instrument” includes but is not limited to:

  • Gold bullion or gold bullion coins
  • Gold futures contracts traded on an exchange operated in Canada
  • Shares in gold ETFs
  • Gold call options traded on an exchange operated in Canada
  • Gold put options traded on an exchange operated in Canada
  • Over-the-counter gold put options
  • Leases for gold
  • Gold certificates

Can I join the gold price manipulation class action?

There are no steps required to “join” the class action. Assuming you fall within the scope of the class definition, of someone who entered into “Gold Market Instrument” in Canada between January 1, 2004, and March 19, 2014, you are automatically included in the class action unless you “opt-out” (exclude yourself from the class action).

Can I exclude myself from the class action?

The time to opt-out of the gold market class action has passed.

What should I do to protect my rights?

To protect your legal rights, you should:

  1. Keep records of any Canadian purchases or sales of Gold Market Instruments between January 1, 2004 and March 19, 2014
  2. Register to receive updates on this case by filling out the form below.

I still have a question. Who should I contact?

For answers to common questions about class actions in Canada, such as timelines, eligibility, and settlement information, please visit our Class Action Lawsuit FAQ page.
If you have any other questions about the gold price manipulation case, please complete the contact form below.

Contact Us

Join to stay informed about the progress of this class action.

Your information will be maintained and used in accordance with our privacy notice. Completing this form does not create a lawyer-client relationship with Siskinds LLP or Siskinds Desmeules s.e.n.c.r.l. or any of their personnel, nor does it impose any obligations related to the class action or otherwise.

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