Silver Price Manipulation

Silver Price Manipulation

  • Overview
  • Updates
  • Documents
  • News
  • Case Contacts
  • FAQ
  • Sign Up

Silver Price Manipulation Class Action

This case alleges that the defendants conspired to manipulate the global silver 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 silver market makers in Canada and across the world, including Scotia Bank, Barclays, Deutsche Bank, HSBC, and UBS.

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

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 silver market instruments such as silver bullion or silver bullion coins, silver futures contracts, shares in silver ETFs, silver call options, etc. between January 1, 1999 and August 14, 2014.

Sign up here to receive email updates on this case.

For more information on this and our other class actions, like us on Facebook and follow us on Twitter.

Silver 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 Gold class action.
  • June 21, 2019: The Plaintiffs issued the Amended Amended Statement of Claim.
  • 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.
  • 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.
  • November 7, 2017: Plaintiffs’ Amended Statement of Claim was issued.
  • February 28, 2017: The Plaintiffs’ Motion Record on Certification was served on the Defendants.
  • May 13, 2016: The Statement of Claim was issued.
  • April 15, 2016: Notice of Action was issued.

Silver Price Manipulation Documents

    Silver Price Manipulation News

    Frequently Asked Questions

    The case alleges that the defendants conspired to manipulate prices in the silver market under the guise of the benchmark fixing process, known as the London Silver Fixing, from January 1999 to August 2014.

    The plaintiffs have issued a Notice of Action that provides a summary of the nature of the allegations to be made in this case. A more detailed Statement of Claim will be prepared and served on the defendants in the next few weeks. After the defendants are served, there will be a hearing before the judge assigned to the case to determine the next steps.

    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, 1999 and August 14, 2014, transacted in a Silver 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 Silver Market Instrument.

    A “Silver Market Instrument” is defined in the Notice of Action as: silver bullion or silver bullion coins, silver futures contracts traded on an exchange operated in Canada, shares in silver ETFs, silver call options traded on an exchange operated in Canada, silver put options traded on an exchange operated in Canada, over-the-counter silver spot or forward transactions or silver call options, over-the-counter silver put options, leases for silver.

    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 Silver 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 by clicking “JOIN THIS CLASS ACTION” above.

    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 Silver 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 silver mining corporations are not included in the proposed definition of Silver 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 Silver 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.

    Join this Class Action