Court Grants Final Approval of Settlement in Platinum and Palladium Case

PHILADELPHIA – The $20 million class action settlement in the In re: Platinum and Palladium Antitrust Litigation has been granted final approval by the court. Berger Montague is co-lead counsel and obtained the settlement 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 Participants” or “defendants”).

“After almost a decade of hard-fought litigation we are pleased that, after thoughtful consideration, the Court has granted final approval to the settlement,” said Berger Montague Executive Shareholder and General Counsel Michael Dell’Angelo. “The success of this case is a testament to how we are able to identify and address anticompetitive behavior in trading markets,” said Mr. Dell’Angelo.

The Fixing Participants 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 Fixings were a twice daily process where the defendants set an important benchmark price for platinum and palladium. The plaintiffs allege that the defendants conspired to manipulate this benchmark for their collective benefit. The plaintiffs further allege that they were injured because the 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. The case was filed in the United States District Court for the Southern District of New York and is captioned In re: Platinum and Palladium Antitrust Litigation, No. 1:14-cv-09391 (GHW) (S.D.N.Y).  Read more about the case here.

Berger Montague is one of the nation’s preeminent law firms focusing on complex civil litigation, class actions, and mass torts in federal and state courts throughout the United States. The firm is active in the fields of antitrust, commercial litigation, consumer protection, defective products, environmental law, employment law, securities, and whistleblower cases, among many other practice areas. For more than 50 years, Berger Montague has played lead roles in 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, Washington, D.C., and Wilmington, DE.

Meet The Team

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Michael Dell’Angelo

Executive Shareholder

• mdellangelo@bm.net
• 215-875-3080

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Candice J. Enders

Shareholder

• cenders@bm.net
• 215-875-4606