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 December 2016, 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.
A related class action was also commenced regarding Silver Price Manipulation.
Developments
Settlements
Settlements have been reached with all defendants in the Gold and Silver Actions, totalling approximately $26.7 million:
- Deutsche Bank AG, Deutsche Bank Securities Limited, and Deutsche Bank Securities, Inc. (collectively “Deutsche Bank”) (CDN$5,470,000);
- The Bank of Nova Scotia and Scotia Capital (USA) Inc. (collectively, “Scotiabank”) (CDN $5,500,000);
- JPMorgan Chase & Co, J.P. Morgan Bank Canada, J.P. Morgan Canada, and JPMorgan Chase Bank National Association, (collectively, “JPMorgan”) (CDN$7,365,540);
- Société Générale S.A. (“Société”) (CDN$950,000 with respect to the Gold Action only);
- Morgan Stanley Capital Group Inc. (“Morgan Stanley”) (CDN$850,000);
- HSBC Bank Canada, HSBC Bank PLC, HSBC Holdings PLC, HSBC Securities (Canada) Inc., HSBC USA Inc., and HSBC Securities (USA) Inc. (collectively, “HSBC”) (CDN$3,000,000);
- Barclays PLC, Barclays Bank PLC, Barclays Capital Canada Inc., Barclays Capital Inc., and Barclays Capital PLC (collectively, “Barclays”) (CDN$1,450,000);
- Bank of America Corporation and Merrill Lynch Commodities Inc. (collectively, “BOML”) (USD$1,075,000); and
- UBS AG, UBS Securities LLC and UBS Bank (Canada) (collectively, “UBS”) (CDN$650,000).
The settlement amounts will be allocated as follows: 75% to those who transacted in Gold Instruments and 25% to those who transacted in Silver Instruments.
The Deutsche Bank settlements have been approved by the requisite Courts.
The remaining settlements are subject to court approval in Ontario and Quebec. The hearing before the Ontario Superior Court of Justice will be held on October 1, 2026 at 10:00AM (ET) via Zoom. The hearing before the Quebec Superior Court will be held on October 21, 2026 at 9:30AM (ET) at the Montreal Courthouse, 1 Notre Dame Street East, Montreal, Quebec.
At the approval hearings, the Courts will be asked to approve a method of distributing the settlement funds to eligible settlement class members. Please click here to view a copy of the Proposed Distribution Protocol.
Settlement Class Members have an opportunity to opt out of (exclude themselves from) the class action. Please review the Notice of Certification and Settlement Approval here for more information.
If approved, the settlements will resolve the litigation in its entirety.
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 December 31, 2016 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 December 31, 2016, 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?
Yes. If you do not wish to participate in the class action (including the settlements), you can exclude yourself from the class action by completing and returning an Opt-Out Form. The deadline for opting out of the class action is September 15, 2026. Further information is provided in the Notice of Certification and Settlement Approval Hearing which can be found here.
If you opt-out, you will not be able to participate in the settlement, but you may be able to pursue your claim on an individual basis.
What should I do to protect my rights?
To protect your legal rights, you should:
- Keep records of any Canadian purchases or sales of Gold Market Instruments between January 1, 2004 and December 31, 2016; and
- 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.
Email us at [email protected] or contact us by phone at 519-672-2121 or toll free at 1-800-461-6066.
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Documents
Settlements
- Short Form Notice of Settlement Approval Hearing [English] [French]
- Long Form Notice of Settlement Approval Hearing [English] [French]
- Opt Out Form [English] [French]
- Deutsche Bank Settlement Agreement
- Scotia Bank Settlement Agreement
- JP Morgan Settlement Agreement
- Société Settlement Agreement
- Morgan Stanley Settlement Agreement
- HSBC Settlement Agreement
- Barclays Settlement Agreement
- BOML Settlement Agreement
- UBS Settlement Agreement