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id: 541

Commodity Exchange. Gold Futures & Options Trading Litigation Settlement

The settlement funds have been distributed to claimants.
$152,000,000
Cash Settlement
S.D. New York
Court
14-MC-2548(VEC)
Case number
01/01/2004
Class period Start
06/30/2013
Class period End
04/19/2022
Claim deadline

The Group of Major Banks agreed to pay up to $152 million to settle a securities class action lawsuit to avoid further litigation.

The complaint alleged that Deutsche Bank AG, HSBC Bank plc, Barclays Bank plc, Société Générale SA, The Bank of Nova Scotia, and The London Gold Market Fixing Limited conspired to drive down the price of gold around the time of a daily, secret, and unregulated afternoon meeting.

Those who 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, or (B) bought gold put options in transactions conducted over-the-counter or in whole or in part on COMEX or on any other exchange operated in the United States, you may be eligible to receive a payment from pending Settlements.

Case Status
Disbursed
Alleged Offence
Other
Suspected Party
Other
Security Type
Commodity
Trade Direction
Long
Plaintiffs
American Precious Metals, Ltd.; Norman Bailey; Patricia Benvenuto; Michel de Chabert-Ostland; Compañía Minera Dayton, SCM; Edward R. Derksen; Frank Flanagan; Quitman D. Fulmer; Thomas Galligher; KPFF Investment, Inc.; Duane Lewis; Larry Dean Lewis; Kevin Maher; Robert Marechal; David Markun; Blanche McKennon; Kelly McKennon; Thomas Moran; Eric Nalven; Nando, Inc.; J. Scott Nicholson; Santiago Gold Fund LP; Albert Semrau; Steven E. Summer; Richard White; White Oak Fund LP; David Windmiller
Attorneys
BERGER & MONTAGUE, P.C., QUINN EMANUEL URQUHART & SULLIVAN, LLP
Defendants
Deutsche Bank AG, HSBC Bank plc, Barclays Bank plc, Société Générale SA, The Bank of Nova Scotia
Administrator
Kroll
Court hearing date
08/05/2022
Exclusion deadline
04/19/2022
Objection deadline
06/24/2022
Trades matching type
FIFO