Gold Futures and Options Trading Settlement

Continually hunting for news of emerging and newly filed class action litigation

Request Information on This Case

SETTLED

Gold Futures and Options Trading Settlement

FILING DEADLINES:

TBD (Non-Settling Defendants)

icon-filing-deadline

CASE NUMBER:

1:14-md-02548 in the U.S. District Court for the Southern District of New York

CLASS PERIOD:

January 1, 2004 – June 30, 2013

TOTAL SETTLEMENT FUND:

$60,000,000.00

  • icon-settling-defendants

    SETTLING DEFENDANTS

    Deutsche Bank

Non-Settling Defendants

HSBC, Bank of Nova Scotia, Scotia Bank, Société Générale (Including Newedge), The London Gold Market Fixing Limited (LGMF), Barclays
  • icon-eligible-class

    ELIGIBLE CLASS

    All persons or entities who during the Class Period: (i) sold gold bullion or gold bullion coins; (ii) sold gold futures contracts traded on COMEX or other exchanges operated in the United States; (iii) sold shares in Gold ETFs; (iv) sold gold call options traded on COMEX or other exchanges operated in the United States; (v) bought gold put options traded on COMEX or other exchanges operated in the United States; (vi) sold over-the-counter gold spot or forward transactions or gold call options; or (vii) bought over the-counter gold put options.

  • icon-eligible-instruments

    ELIGIBLE INSTRUMENTS

    Physical, derivative, and futures, including products such as any physical gold, gold bars, ingots, gold coins, gold futures contracts on the COMEX or other exchanges in the US, shares in gold ETF’s, Gold OTC spot, forwards, swaps and options.

  • icon-allegations

    Preliminary Allegations

    The complaint alleges that throughout the Class Period The Bank of Nova Scotia, Barclays, Deutsche Bank, HSBC, and Société Générale (the “Fixing Bank Defendants”) met privately twice each London business day for what is aptly known as the London Gold Market Fixing (hereafter the “London Gold Fixing” or “Fixing”).  The Fixing produces a benchmark rate for gold, a price often agreed to be used in advance by buyers and sellers of gold (the “Fix  price”).

    Specifically, the complaint alleges that Defendants’ manipulative tactics included, among other things, “front running” (trading in own positions in advance of customer orders to take advantage of the market’s resulting move when the client’s orders are placed), “spoofing” (placing large orders that are never executed), “wash sales” (placing large orders that are executed then quickly reversed), and “jamming” (using such techniques to trigger a stop-loss order or to avoid a bank’s having to pay on an option or similar contracts).

  • icon-case-summary

    Case Summary

    Class action on behalf of a class action under Rule 23(a) and (b)(3) of the Federal Rules of Civil Procedure, seeking relief on behalf of the following class (the “Class”):

    All persons or entities who during the period from January 1, 2004 through June 30, 2013 (the “Class Period”):  (i) sold gold bullion or gold bullion coins; (ii) sold gold futures contracts traded on COMEX or other exchanges operated in the United States; (iii) sold shares in Gold ETFs; (iv) sold gold call options traded on COMEX or other exchanges operated in the United States; (v) bought gold put options traded on COMEX or other exchanges operated in the United States; (vi) sold over-the-counter gold spot or forward transactions or gold call options; or (vii) bought overthe-counter gold put options.

    Excluded from the Class are Defendants and their employees, affiliates, parents, subsidiaries, and co-conspirators, whether or not named in this Complaint, and the United States Government, and other governments.

Case Updates

Partial Settlement:  
$60 Million (Deutsche Bank)
In December 2016, Plaintiffs reached a settlement with Deutsche Bank, which requires Deutsche Bank’s cooperation in pursuing claims against the other defendants.  As that settlement has yet to be approved, Deutsche Bank is still named as a defendant in this litigation.
Filing Deadline:  
TBD
Settlement Class:
The Settlement is made on behalf of a proposed Settlement
Class defined as:
All persons or entities who during the period from January 1, 2004 through June 30, 2013, either (A) sold any physical gold or financial or derivative instrument in which gold is the underlying reference asset, including, but not limited to, those who sold (i) gold bullion, gold bullion coins, gold bars, gold ingots or any form of physical gold, (ii) gold futures contracts in transactions conducted in whole or in part on COMEX or any other exchange operated in the United States, (iii) shares in gold exchange-traded funds (“ETFs”), (iv) gold call options in transactions conducted over-the-counter or in whole or in part on COMEX or any other exchange operated in the United States; (v) gold spot, gold forwards or gold swaps over-the-counter; or (B) bought gold put options in transactions conducted overthe-counter or in whole or in part on COMEX or on any other exchange operated in the United States

Next Steps

Contact your Battea Customer Service Representative directly.

  • icon-company-profile

    BRIEF COMPANY PROFILE

    Country: United States

View More Settled Cases