Gold Price Manipulation

Gold Price Manipulation

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Gold Price Manipulation Class Action

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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Gold Price Manipulation UPDATES

  • 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.


Gold Price Manipulation News

Frequently Asked Questions

The case alleges that the defendants conspired to manipulate prices in the gold market under the guise of the benchmark fixing process, known as the London Gold Fixing, from January 1, 2004 to march 19, 2014.

The case was started on December 18, 2015. The plaintiffs filed an Amended Statement of Claim on February 25, 2016. The plaintiffs are in the process of serving the defendants with the Amended Statement of Claim.

The case has not yet been certified as a class action. There will be a hearing, known as a certification hearing, after all of the defendants are served, to determine whether or not the case is suitable to proceed as a class action. Click here for more information about the certification process generally.

The plaintiffs seek to represent: all persons or entities in Canada who, between January 1, 2004 and March 19, 2014, transacted in a Gold Market Instrument 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 Gold Market Instrument.

A “Gold Market Instrument” is defined in the Amended Statement of Claim as: gold bullion or gold bullion coins, gold futures contracts traded on an exchange operated in Canada, shares in gold ETFs, gold call options traded on an exchange operated in Canada, gold put options traded on an exchange operated in Canada, over-the-counter gold spot or forward transactions or gold call options, over-the-counter gold put options, leases for gold, gold certificates.

The full extent of the investments that are covered by this action will be determined by the court at the time of certification.

You should keep your records of any purchases of Gold Market Instrument until the end of this lawsuit. At the appropriate time, if there is a successful resolution of the case, you may be required to prove your purchases in order to obtain compensation.

If the court certifies the action as a class proceeding, notices will be published in the national media and on the internet to all prospective class members. Notices will also be sent directly to all individuals who register on the law firms’ websites. To be sure to receive a direct notice if the case is certified, you should register here.

It is not possible to determine at this stage what losses may be recovered through this lawsuit. If the case is certified by the court, the court will determine what issues will go to trial, what Gold Market Instruments may be covered by the action, and whether or not damages can be assessed at trial on a global basis or on an individualized basis.

The amount of damages sought in the Notice of Action is preliminary only. It can be adjusted upward or downward as the case moves forward and as further details become available.

Complex cases such as this one can be expected to take several years before there is a resolution.

No. Shares in gold mining corporations are not included in the proposed definition of Gold Market Instruments.

No. The action is limited to transactions that occurred while the purchaser or seller was in Canada.

Your purchases will only be included if you were in Canada when you bought or sold a Gold Market Instrument.

The scope of the transactions that will be covered by the class action will be determined by the court at the time of certification. Until then, you should preserve your purchase records.

No defendant has pleaded guilty to or admitted any wrongdoing in relation to such conduct.

Based on publicly available information, Deutsche Bank has agreed to make a payment to the plaintiffs and to provide information and cooperation in respect of the U.S. action. Further details of the settlement have not yet been made public. Settlements do not involve an admission of guilt by a defendant.

No. The action is being brought on a contingent fee basis by the lawyers for the plaintiffs. This means that the lawyers for the plaintiff have agreed that they will only be paid from the money collected from the defendants in the Class Action. The Court will decide how much money the lawyers for the plaintiff are paid.

Please e-mail your question to We will review your question and, if appropriate, revise this list of FAQs.

Please consult this website from time to time for updates about the class action. Class counsel will be unable to respond to your direct inquiries.

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