Gold Price Manipulation Class Action - Sotos Class Actions

Gold Price Manipulation

This case alleges that the defendants conspired to manipulate the global gold markets for many years to their own benefit and to the disadvantage of class members.

The defendants are some of the largest financial institutions and gold market makers in Canada and across the world, including Scotia Bank, Barclays, Deutsche Bank, HSBC, UBS, and Société Générale.

The defendants allegedly used their special position and market power within the global gold markets to conspire to use various illegal methods to manipulate the price of gold.

The court will decide at a later date if the case will proceed as a class action.

The case seeks to represent persons in Canada who transacted in gold market instruments such as gold bullion or gold bullion coins, gold futures contracts, shares in Gold ETFs, etc. between January 1, 2004 and March 19, 2014.

  • January 17, 2024: The plaintiffs were successful in their appeal. A copy of the Court of Appeal’s decision can be found here.
  • November 25, 2023: The plaintiffs await the Court of Appeal’s decision, which remains under reserve.
  • April 20, 2023:  Hearing scheduled before the Court of Appeal, to request that the Order dismissing the plaintiffs’ motion to amend pleadings and add new defendants be set aside.

  • April 26, 2022: The Superior Court of Justice dismissed the plaintiffs’ motion to add new parties and amend their claim to reflect allegations of spoofing the market. You can find a copy of the decision here. The plaintiffs have appealed that decision.
  • October 29, 2020: The plaintiffs brought a motion to add JP Morgan Chase & Co., J.P. Morgan Bank Canada, J.P. Morgan Canada, JPMorgan Chase Bank National Association, Morgan Stanley Capital Group Inc., Bank of America Corporation, and Merrill Lynch Commodities Inc. as defendants.
  • December 24, 2019: The certification motion has been scheduled for October 5, 6, 7 and 8, 2020, at 10:00 am in Toronto. This motion will be heard together with the Silver class action.
  • May 29, 2019: Justice Belobaba approved the settlement with Deutsche Bank and also approved the fees and disbursements of Class Counsel. You can find the settlement approval order here, the fee approval order here and the Court’s reasons for approval here.
  • February 11, 2019: Notices are issued to class members regarding the Deutsche Bank settlement. You can find the long form notice here and the short form notice here. If you wish to opt out of this class action, please review this form carefully.
  • February 5, 2019: Justice Belobaba granted a motion to remove some defendants related to Société Générale from the action and to amend the Statement of Claim. You can find His Honour’s Order and the Fresh as Amended Statement of Claim here.
  • October 25, 2018: Justice Belobaba certified a settlement class and approved notices to the class regarding the Deutsche Bank settlement. You can find a copy of His Honour’s Order and the Settlement Agreement here.
  • August 27, 2018: Plaintiffs reached a settlement with the Deutsche Bank defendants.
  • March 28, 2018: The Plaintiffs served their Supplementary Certification Motion Record.
  • November 7, 2017: Plaintiffs’ Amended Amended Statement of Claim was issued.
  • February 28, 2017: The Plaintiffs’ Motion Record on Certification was served on the Defendants.
  • February 25, 2016: An Amended Statement of Claim was issued.
  • December 18, 2015: Lawsuit initiated in the Ontario Superior Court of Justice.

David Sterns

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Louis Sokolov

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Mohsen Seddigh

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Karen Whibley

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Have questions about this case?

What is a class action?

A class action is a special form of lawsuit in which one plaintiff brings a claim against one or more defendants based on allegations which are common to a group, or class, of people. In order for the action to become a class action, it must proceed through a stage known as “certification”.

Who brings a class action lawsuit forward?

A statement of claim is issued on behalf of a “representative plaintiff”. The representative plaintiff’s role is to work with class counsel to bring the action forward and to represent the class members in court.

What is certification?

In order for an action to proceed on behalf of the entire class, a judge must decide (among other things) whether the members of the proposed class have common issues, and whether a class action is the preferred way to resolve the issues. The process to decide these issues is known as the “certification motion”. If the judge is satisfied that the case meets all of the requirements for certification, he or she will issue an order which certifies the action as a class action.

Do I have to do anything to “join” the lawsuit?

No. If the lawsuit is certified, and you are included in the class as defined, you are automatically included in the lawsuit.

Once I am part of the class do I have to do anything?

No. We will work primarily with the class representative.

What if I do not want to be included in the lawsuit?

Those who do not wish to remain in the class will be given the option to opt-out by sending an opt-out form at the appropriate time to us.

What are the benefits of proceeding as a class action?

Certification as a class action will enable us to prove the facts in a single lawsuit rather than in numerous individual lawsuits. This has obvious benefits to the class members and to the courts.

How long does it take for a class action to be resolved?

There is no timeframe. We will move the case forward diligently but it can take a considerable period of time to reach trial.

Can a class action lawsuit be settled without going to trial?

Many class actions settle and thereby remove the need for a trial. However, we cannot predict with any certainty whether or not there will be a settlement in a given action.

What are the chances of winning the action?

The chances of “winning” can never be accurately predicted.

Will be liable for any costs or legal fees?

Class action lawsuits are typically brought on a contingency fee basis. This means that the lawyers will only be paid if the action is successful at trial or results in a settlement in favour of the plaintiffs. Legal fees would then be paid out of the settlement or judgment proceeds as approved by a judge.

Disbursements (i.e. out-of-pocket expenses, including expert reports) may be dealt with in one of two ways.

Most commonly, the lawyers will absorb the cost of disbursements. The lawyers may seek funding assistance from the Class Proceeding Fund, which may provide funding for disbursements if granted.

In some cases, disbursements may be funded by the class members, including the class representative. This typically occurs in smaller class actions brought on behalf of an organization or network of individuals where each member of the class is easily identifiable and known to the representative plaintiff. If the class action is successful, amounts advanced for disbursements are re-paid from the proceeds of any judgment or settlement to class members (and others).

Will I be liable for costs of the action if it is unsuccessful?

Only the class representative may be liable for costs of the common issues portion of the action if it is unsuccessful.

When can I expect to receive a payout from this class action?

A “payout” or an award for damages is never certain.

The action may settle or it may proceed to trial, at which time a judge will determine the amount of damages, if any, to which the class members are entitled to. Regardless, the amount of “payout” cannot be predicted, and we cannot predict when the action may settle or when the trial will conclude.

How will counsel keep me updated on the progress of the case?

If the lawsuit is certified as a class action, you will receive a formal notice from the court explaining the nature of the case and providing you with the opportunity to opt out if you wish. General information about the lawsuit will be posted on Sotos LLP’s website at

Where can I send any documents that I have that may be relevant to a class action?

We ask that you keep a copy of any documents, correspondences, records, invoices, receipts, etc. that you feel might be relevant to your individual claim in the class action. If there is a “payout,” this documentation may be required in order to support your claim for compensation.

It is not required that you send any documents to us at this time.


Join the class action