In re: Platinum and Palladium Antitrust Litigation

Berger Montague is 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 case is pending 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).

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 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.

Beginning in early 2014, co-lead counsel initiated a pre-filing investigation into potential benchmark manipulation involving platinum and palladium trading, which included analysis by non-testifying expert consultants, led to the filing of the first complaint in November 2014.

In April 2015, co-lead counsel filed the First Consolidated Class Action Complaint and, following extensive briefing on Defendants’ motions to dismiss, Plaintiffs filed a Second Consolidated Amended Complaint in July 2015. A second round of briefing multiple motions to dismiss ensued. The Court, on March 28, 2017, dismissed certain of Plaintiffs’ claims, but otherwise denied Defendants’ motion to dismiss.

On May 15, 2017, co-lead counsel filed the Third Consolidated Amended Class Action Complaint. On March 29, 2020, the Court ruled on Defendants’ third motion to dismiss, holding again that Plaintiffs lacked antitrust standing and dismissing Plaintiffs’ Commodity Exchange Act claims. Plaintiffs appealed to the Second Circuit (and Defendants cross-appealed the denial of their lack of personal jurisdiction motion to dismiss). On Feb. 27, 2023, the Second Court issued its ruling, reversing the Court’s dismissal of the antitrust claims for the two exchange Plaintiffs but affirming the dismissal for the physical/OTC Plaintiff. The Second Circuit also vacated the dismissal of Plaintiffs’ Commodity Exchange Act claims and affirmed the Court’s holding regarding personal jurisdiction as to the two cross-appealing Defendants.

Thus, after nearly a decade of litigating Defendants’ tenacious attacks on the scope of Plaintiffs’ claims, the Parties opened discovery in June 2023. Over the next year, co-lead counsel pursued significant discovery efforts that included extensive negotiations with Defendants and third parties. Ultimately, the Parties reached an agreement in principle to settle the Action and preliminary approval was granted in August 2024.

About Berger Montague

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 $60 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.