Case Spotlight: Gold Fixing Antitrust

FRT Admin
Site administrator
April 7, 2021

On December 8, 2020, HSBC petitioned the Court to preliminarily approve a $42 million agreement to settle class action claims that it conspired with several other banks to fix the price of the gold market. HSBC joins Deutsche Bank, who in 2016 reached a $60 million settlement, bringing the total settlement pool to $102 million.  

The lawsuit, filed in 2014, alleges that during the period from January 1, 2004 – June 30, 2013, the defendants conspired to drive down the price of gold around the time of a daily, secret, and unregulated afternoon meeting (the “PM Gold Fix”). The PM Gold Fix was intended to determine the global benchmark price per ounce of gold (the “Fix Price”) based on supply and demand fundamentals stemming from a competitive gold auction among the Fixing members. 

The Court recently announced a claim filing deadline of August 23, 2021, for impacted investors to file claims and recover their share of funds from the Settlement pool.

If you sold any physical gold or financial or derivative instruments in which gold is the underlying reference asset between January 1, 2004 – June 30, 2013, you may be eligible to recover as a part of this action. FRT can assist you with evaluating your potential for eligibility and file claims in this case on your behalf. 

To learn more about how FRT can help your firm automate participation and recovery in antitrust class actions, visit our website or contact us at learnmore@frtservices.com.

Important dates and deadlines

Settlement Class Period: January 1, 2004 – June 30, 2013
Claim Form Deadline: August 23, 2021
Fairness Hearing: October 7, 2021
Opt-Out Deadline: August 6, 2021

Next Steps

If you sold any active physical gold or financial or derivative instruments in which gold is the underlying reference asset between January 1, 2004 – June 30, 2013, you may be eligible to recover as a part of this action. Contact your FRT Account Manager for additional information.

Learn More

To learn more about how FRT can help your firm identify and monitor antitrust litigation opportunities, visit our website.

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This communication and the content found by following any link herein are being provided to you by Financial Recovery Technologies (FRT) for informational purposes only and does not constitute advice. All material presented herein is believed to be reliable but FRT makes no representation or warranty with respect to this communication or such content and expressly disclaims any implied warranty under law. Opinions expressed in this communication may change without prior notice. Firms should always seek legal and financial advice specific to their unique situation and objectives.