Preliminary Approval of a $50M Settlement With Barclays, The Bank of Nova Scotia, Société Générale, and The London Gold Market Fixing Ltd. Granted, Bringing Total Settlements to $152 Million
PHILADELPHIA, February 11, 2022 –U.S. District Judge Valerie E. Caproni of the Southern District of New York preliminarily approved a $50 million settlement between Plaintiffs and Barclays Bank PLC, The Bank of Nova Scotia, Société Générale and The London Gold Market Fixing Ltd. (“LGMF”) in In re: Commodity Exchange Inc., Gold Futures and Options Trading Litigation.
Berger Montague serves as Plaintiffs’ Co-Lead Counsel in, this class action 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 settlement applies to individuals and entities who sold gold or certain gold investments during the period from January 2004 to June 2013. The $50 million settlement with Barclays, The Bank of Nova Scotia, Société Générale, and LGMF was the third settlement reached in this litigation. Plaintiffs previously reached settlements with Deutsche Bank for $60 million and HSBC for $42 million, for total settlements of $152 million.
Judge Caproni remarked that Berger Montague, as “Co-lead counsel has pursued the litigation and achieved the settlements with skill, perseverance, and diligent advocacy, as reflected by the positive reception of the settlement agreements by the settlement class.”
Berger Montague attorneys were pleased with the ruling and look forward to seeking final approval of the settlement with Barclays, The Bank of Nova Scotia, Société Générale, and LGMF later this year.