Berger Montague PC and DiCello Levitt LLP Announce Notice of a Proposed Settlement in the NYMEX Platinum and Palladium Antitrust Class Action

NEW YORK, Sep 3, 2024 /PRNewswire/ —

Legal Notice

If you sold platinum or palladium futures contracts traded on NYMEX, sold platinum or palladium call options traded on NYMEX, or bought platinum or palladium put options traded on NYMEX from January 1, 2008 through November 30, 2014, you may be affected by a pending class action settlement and entitled to a portion of the settlement fund.

This Summary Notice is to alert you to a proposed settlement totaling $20 million reached with BASF Metals Limited (“BASF Metals”); Goldman Sachs International (“Goldman Sachs”); HSBC Bank USA, N.A. (“HSBC”); and ICBC Standard Bank Plc (f/k/a Standard Bank Plc (“ICBC Standard”) (together, the “Defendants”). All Defendants deny the allegations in the Action. By entering into the Settlement, the Defendants have not admitted to any such liability, fault, or wrongdoing, and nothing in the Settlement Agreement or this Summary Notice shall be construed as such an admission.

The United States District Court for the Southern District of New York (the “Court”) authorized this Notice. The Court has appointed the lawyers listed below to represent the Settlement Class as Class Counsel in this Action:

Who Is a Member of the Settlement Class?

The proposed Settlement Class includes:

All persons or entities who during the period from January 1, 2008 through November 30, 2014 either (i) sold platinum or palladium futures contracts in transactions conducted in whole or in part on NYMEX; (ii) sold platinum or palladium call options in transactions conducted in whole or in part on NYMEX; or (iii) bought platinum or palladium put options in transactions conducted in whole or in part on NYMEX.

Excluded from the Class are Defendants and their employees, affiliates, parents, subsidiaries, and alleged co-conspirators, whether or not named in the Complaint, and the U.S. government; provided, however, that Investment Vehicles shall not be excluded from the definition of “Settlement Class”. Also excluded is the Judge presiding over this action, his or her law clerks, spouse, and any person within the third degree of relationship living in the Judge’s household and the spouse of such a person.

The capitalized terms used in this Summary Notice, if not defined herein, are defined in the detailed Notice of Proposed Class Action Settlement and Class Members’ Rights (“Notice”) and the settlement agreement (“Settlement Agreement”), which are available at www.NymexPlatinumPalladiumFixingSettlement.com. If you are not sure if you are included in the Settlement Class, you can get more information, including the detailed Notice, at www.NymexPlatinumPalladiumFixingSettlement.com or by calling toll-free 1-877-411-4791 (if calling from outside the United States or Canada, call 1-414-921-2341).

What Is This Lawsuit About and What Does the Settlement Provide?

This lawsuit alleges that the Defendants engaged in anticompetitive manipulation of benchmark rates that affected the market for NYMEX platinum and palladium futures and options. To settle the claims in this lawsuit and without admitting any liability, fault, or wrongdoing, Defendants collectively agreed to pay $20 million (the “Settlement Fund”) in cash—for the benefit of the Settlement Class. If the Court gives final approval to the Settlement, the case will come to an end.

Will I Get a Payment?

If you are a Settlement Class Member and do not opt out, you will be eligible to file a Proof of Claim and Release Form. The amount of your payment will be determined by a Plan of Allocation. Details about the Plan of Allocation are available at www.NymexPlatinumPalladiumFixingSettlement.com or by calling toll-free 1-877-411-4791 (if calling from outside the United States or Canada, call 1-414-921-2341). A date for distribution of the Settlement Fund has not been set. Proof of Claim and Release Forms must be submitted by February 13, 2025.

What Are My Rights?

If you are a Settlement Class Member and do not opt out, you will release certain legal rights against the Defendants, as explained in the detailed Notice and Settlement Agreement, which are available at www.NymexPlatinumPalladiumFixingSettlement.com. If you do not want to take part in the Settlement, you must opt out by December 31, 2024. You may object to the Settlement, Plan of Allocation, and/or application for an award of attorneys’ fees, payment of litigation costs and expenses, and/or service awards for Plaintiffs. If you want to object, you must do so by December 31, 2024. Information on how to opt out or object is contained in the detailed Notice, which is available at www.NymexPlatinumPalladiumFixingSettlement.com.

When Is the Fairness Hearing?

The Court will hold a hearing at the United States District Court for the Southern District of New York, Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, New York, NY 10007, Courtroom 12C, on January 14, 2025, at 3:00 p.m. to consider whether to finally approve the Settlement, the Plan of Allocation, and Class Counsel’s application for an award of attorneys’ fees, payment of litigation costs and expenses, and any service awards for the Plaintiffs. The Court reserves the right to conduct the final fairness hearing remotely. You or your lawyer may ask to appear and speak at the hearing at your own expense, but you do not have to. Any changes to the time and place of the Fairness Hearing, or other deadlines, or the process for attending remotely, will be posted to www.NymexPlatinumPalladiumFixingSettlement.com as soon as practicable.

For more information, call toll-free 1-877-411-4791 (if calling from outside the United States or Canada, call 1-414-921-2341) or visit www.NymexPlatinumPalladiumFixingSettlement.com.

**** Please do not call the Court or the Clerk of the Court for information about the Settlement. ****

SOURCE Berger Montague PC and DiCello Levitt LLP