OVERVIEW

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.

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Updates

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.