Case Number: No. 14-md-02548
Case Status: Settled
Settlement Amount: $152 million
Court: United States District Court for the Southern District of New York
Berger Montague served as Plaintiffs’ Co-Lead Counsel and obtained total settlements of $152 million in this class action antitrust lawsuit alleging that the five banks that participated in the London Gold Fixing conspired to suppress the PM Gold Fix, an important gold pricing benchmark, thereby harming sellers of physical gold and certain gold investments. The Bank of Nova Scotia, Barclays Bank plc, Deutsche Bank Ag, HSBC Bank plc and Société Générale are all members of the London Gold Market Fixing Ltd., which conducts the London Gold Fixing. The London Gold Fixing is a twice daily process where the defendants set an important benchmark price for gold. The plaintiffs alleged that the defendants conspired to manipulate this benchmark for their collective benefit. The plaintiffs further alleged that they were injured because the defendants’ manipulation caused prices for gold-based derivatives contracts, physical gold, and gold-based securities to be made artificial. Various government financial authorities in the United States and abroad are currently looking at the London Gold Fixing process. The case was litigated in the United States District Court for the Southern District of New York and captioned In re: Commodity Exchange, Inc., Gold Futures and Options Trading Litigation, No. 14-md-02548 (S.D.N.Y.).
Following extensive litigation, Berger Montague and its Co-Lead Counsel reached total settlements of $152 million which were granted final approval by the district court. The settlements are currently being administered.
If you or your company has been harmed by anticompetitive conduct or any conduct that you believe violates the antitrust laws, please contact Berger Montague.
About Berger Montague
Berger Montague is a national law firm focusing on complex civil litigation in federal and state courts throughout the United States. For over half a century, Berger Montague has played lead roles in consequential, precedent-setting cases and has recovered over $50 billion for its clients and the classes they have represented. Berger Montague is headquartered in Philadelphia and has offices in Chicago, Minneapolis, San Diego, San Francisco, Toronto, and Washington, D.C.