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The law firms of Siskinds LLP, Sotos LLP, Koskie Minsky LLP, and Camp Fiorante Matthews Mogerman LLP are 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 silver and silver-related investment instruments. Siskinds’ Québec-based affiliate, Siskinds Desmeules, also filed a similar price fixing class action lawsuit on behalf of Québec residents.

Class action alleges silver price fixing and market manipulation 

The claim alleges that 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 silver market. This was done to enhance profit for some or all of the defendants at the expense of the Class Members. 

A related class action was also commenced regarding Gold 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 class action?

You are affected by the class action (a “class member”) if you entered into a “Silver 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 Silver Market Instrument.

A “Silver Market Instrument” includes but is not limited to: silver bullion or silver bullion coins, silver futures contracts traded on an exchange operated in Canada, shares in silver ETFs, silver call options traded on an exchange operated in Canada, silver put options traded on an exchange operated in Canada, over-the-counter silver spot or forward transactions or silver call options, over-the-counter silver put options, leases for silver, and silver certificates.

Can I join the class action?

There are no steps required to “join” the class action. Assuming you fall within the scope of the class definition, 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.

What should I do to protect my rights?

To protect your rights, you should:

  1. Keep records of any Canadian purchases or sales of Silver Market Instruments between January 1, 2004 and December 31, 2016; and
  2. Register to receive updates on this case by filling out the form below.

I still have questions. 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 a question, please contact us at [email protected] or 1.800.461.6166, or complete the contact form below.

By emailing Siskinds, I agree that I have read and accept the Privacy Notice and Terms of Use, and I understand that my personal information will be collected, used, and/or disclosed (“processed”) to respond to my inquiry.

Documents

Settlement

Quebec proceedings

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.

Who is affected by the class action?

You are affected by the class action (a “class member”) if you entered into a “Silver 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 Silver Market Instrument.

A “Silver Market Instrument” includes but is not limited to: silver bullion or silver bullion coins, silver futures contracts traded on an exchange operated in Canada, shares in silver ETFs, silver call options traded on an exchange operated in Canada, silver put options traded on an exchange operated in Canada, over-the-counter silver spot or forward transactions or silver call options, over-the-counter silver put options, leases for silver, and silver certificates.

Can I join the class action?

There are no steps required to “join” the class action. Assuming you fall within the scope of the class definition, 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.

What should I do to protect my rights?

To protect your rights, you should:

  1. Keep records of any Canadian purchases or sales of Silver Market Instruments between January 1, 2004 and December 31, 2016; and
  2. Register to receive updates on this case by filling out the form below.

I still have questions. 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 a question, please contact us at [email protected] or 1.800.461.6166, or complete the contact form below.

By emailing Siskinds, I agree that I have read and accept the Privacy Notice and Terms of Use, and I understand that my personal information will be collected, used, and/or disclosed (“processed”) to respond to my inquiry.

Settlement

Quebec proceedings

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