In re: Platinum and Palladium Antitrust Litigation
On March 20, 2015, the Honorable Gregory H. Woods of the United States District Court for the Southern District of New York appointed Berger Montague (along with Labaton Sucharow LLP) co-lead counsel in these consolidated class actions on behalf of traders of platinum and palladium-based derivative contracts, physical platinum and palladium, and platinum and palladium-based securities against BASF, Goldman Sachs, HSBC, and ICBC Standard Bank (collectively, the “Fixing Banks” or “defendants”).
The Fixing Banks were all members of The London Platinum and Palladium Fixing Company, Ltd., which conducted the London Platinum and Palladium Fixings. The London Platinum and Palladium Fixing were a twice daily process where the defendants set an important benchmark price for platinum and palladium. Plaintiffs allege that the defendants conspired to manipulate this benchmark for their collective benefit. Plaintiffs further allege that they were injured because defendants’ manipulation caused prices for platinum and palladium-based derivatives contracts, physical platinum and palladium, and platinum and palladium-based securities to be made artificial.
In March 2017, Judge Woods denied in part and granted in part the defendants’ motion to dismiss. Plaintiffs sought to replead certain claims that were dismissed. Plaintiffs filed their third amended complaint in May 2017.
In the fall of 2017, defendants filed additional motions to dismiss. These motions have been fully briefed and are currently pending before Judge Woods.
Attorney: Michael Dell’Angelo