{"settlement":{"id":"canadian-gold-silver-price-fixing-2026","slug":"canadian-gold-silver-price-fixing-2026","title":"Canadian Gold and Silver Price-Fixing Class Actions","category":"Price Fixing","status":"Claims not yet open","tags":{"industry":["Banking and financial services","Securities and investments"],"geographic":["Canada-wide"],"recoveryType":["Cash payment"],"documentation":["To be determined"],"eligibilityTrigger":["Owned a security or investment"]},"classDefinition":"All persons or entities in Canada who, between January 1, 2004 and December 31, 2016, transacted in a Gold Market Instrument or a Silver Market Instrument, either directly or indirectly through an intermediary, and/or purchased or otherwise participated in an investment or equity fund, mutual fund, hedge fund, pension fund or any other investment vehicle that transacted in a Gold Market Instrument or Silver Market Instrument. It also includes all persons or entities in Quebec who, between January 1, 2004 and December 31, 2016, engaged in a transaction in a Precious Metals Market Instrument (gold, silver, platinum or palladium), directly or indirectly, or through an investment vehicle. Excluded from the classes are the defendants, their parent companies, subsidiaries and affiliates.","plainLanguageSummary":"If you bought, sold or invested in gold, silver or other precious metals instruments (including through funds) between 2004 and 2016, you may be eligible for a cash payment from settlements totalling approximately CAD $21,250,000, if the courts approve them.","eligibilityCriteria":[],"recoveryRange":"Share of approximately $21,250,000 in proposed settlement funds, allocated by trading volume","filingInstructions":"","caseBackground":"Investors alleged that several major banks, including Scotiabank, JPMorgan, HSBC, Barclays, UBS, Morgan Stanley, Bank of America and Société Générale, manipulated the prices of gold and silver investments between 2004 and 2016. The lawsuits claim the banks coordinated to fix prices, manipulated bid-ask spreads and benchmark rates, exchanged confidential customer information, and profited at investors' expense. In Quebec, the claims also cover other precious metals, including platinum and palladium.\n\nThe remaining defendants have now agreed to settle for a combined total of approximately CAD $21,250,000, without admitting any wrongdoing. An earlier settlement with Deutsche Bank for $5.47 million was approved in 2019. The new settlements must be approved by the Ontario and Quebec courts before any money can be paid out. Court hearings are scheduled for October 1, 2026 in Ontario and October 21, 2026 in Quebec. If approved, 75% of the funds will go to gold traders and 25% to silver traders, distributed through a claims process that will open later.","administratorName":"KPMG Inc.","administratorContacts":[{"type":"phone","label":"","value":"1-833-724-9399"},{"type":"email","label":"","value":"goldandsilversettlement@kpmg.ca"},{"type":"online","label":"","value":"http://goldandsilversettlement.kpmg.ca"},{"type":"mail","label":"","value":"KPMG 600 de Maisonneuve Blvd. West Suite 1500, Montréal, Quebec H3A 0A3 Attention: Canadian Gold and Silver Class Actions Administrator"}],"administratorRole":"claims","agentName":null,"agentContacts":[],"agentClaimFormHelp":false,"classCounselName":"Sotos LLP (Primary Contact), Koskie Minsky LLP, Siskinds LLP, CFM Lawyers LLP, Siskinds Desmeules, s.e.n.c.r.l.","classCounselContacts":[{"type":"phone","label":"","value":"1-888-977-9806"},{"type":"email","label":"","value":"classactions@sotos.ca"},{"type":"mail","label":"","value":"55 University Ave., Suite 600, Toronto, ON M5J 2H7"},{"type":"online","label":"","value":"https://www.sotosclassactions.com"},{"type":"mail","label":"","value":"20 Queen St. W, Suite 900, P.O. Box 52, Toronto, ON M5H 3R3"},{"type":"mail","label":"","value":"275 Dundas Street, Unit 1, P.O. Box 2520, London ON, N6B 3L1"},{"type":"mail","label":"","value":"856 Homer St., Suite 400, Vancouver, BC V6B 2W5"},{"type":"mail","label":"","value":"43 Rue de Buade Suite 320, Québec City QC, G1R 4A2"},{"type":"phone","label":"","value":"1-877-735-3842"},{"type":"online","label":"","value":"https://www.siskinds.com"}],"classCounselFirms":[{"name":"Sotos LLP (Primary Contact)","region":"All provinces and territories across Canada, excluding Quebec","contacts":[{"type":"phone","label":"","value":"1-888-977-9806"},{"type":"email","label":"","value":"classactions@sotos.ca"},{"type":"mail","label":"","value":"55 University Ave., Suite 600, Toronto, ON M5J 2H7"},{"type":"online","label":"","value":"https://www.sotosclassactions.com"}]},{"name":"Koskie Minsky LLP","region":"All provinces and territories across Canada, excluding Quebec","contacts":[{"type":"mail","label":"","value":"20 Queen St. W, Suite 900, P.O. Box 52, Toronto, ON M5H 3R3"}]},{"name":"Siskinds LLP","region":"All provinces and territories across Canada, excluding Quebec","contacts":[{"type":"mail","label":"","value":"275 Dundas Street, Unit 1, P.O. Box 2520, London ON, N6B 3L1"}]},{"name":"CFM Lawyers LLP","region":"All provinces and territories across Canada, excluding Quebec","contacts":[{"type":"mail","label":"","value":"856 Homer St., Suite 400, Vancouver, BC V6B 2W5"}]},{"name":"Siskinds Desmeules, s.e.n.c.r.l.","region":"Quebec","contacts":[{"type":"mail","label":"","value":"43 Rue de Buade Suite 320, Québec City QC, G1R 4A2"},{"type":"phone","label":"","value":"1-877-735-3842"},{"type":"online","label":"","value":"https://www.siskinds.com"}]}],"submissionMethods":[],"sourceDocuments":[{"url":"/uploads/0bba26c3ddbc4aa1046ca4e2-long-form-notice-gold-and-silver-en.pdf.coredownload.inline.pdf.pdf","title":"Notice to Class Members"},{"url":"/uploads/89746898bd705b58d1be9ade-proposed-distribution-protocol-2026-08-04.pdf.coredownload.inline.pdf.pdf","title":"Additional Settlement Document"}],"shortFormNoticeUrl":"/uploads/72cf6f9e3829fc7fd6d00678-short-form-notice-gold-and-silver-en.pdf.coredownload.inline.pdf.pdf","longFormNoticeUrl":"/uploads/0bba26c3ddbc4aa1046ca4e2-long-form-notice-gold-and-silver-en.pdf.coredownload.inline.pdf.pdf","settlementAgreementUrl":"","claimFormDocumentUrl":"","claimForms":[],"claimFormsButtonLabel":"claim-form","claimFormsUnavailable":false,"claimFormsUnavailableReason":"","claimFormGuides":[],"additionalDocuments":[],"optOutFormUrl":"/uploads/e7dafd95e783a44cb915819f-forms-for-class-members-inside-and-outside-quebec-en.pdf.coredownload.inline.pdf.pdf","optOutInstructions":"If you are outside Quebec, complete an Opt Out Form and email it to goldandsilveroptout@kpmg.ca, or mail it to KPMG Inc., 600 de Maisonneuve Blvd. West, Suite 1500, Montréal, Quebec H3A 0A3, postmarked no later than September 15, 2026. \nIf you are in Quebec, send the Opt Out Form to the Clerk of the Superior Court of Québec at the Montreal courthouse (Greffier de la Cour supérieure du Québec, Palais de justice de Montréal, 1, rue de Notre-Dame Est, Montréal (Québec) H2Y 1B6) so that it is received by September 15, 2026. You must opt out of all of the actions or none of them.","objectionFormUrl":"","objectionInstructions":"If you want to comment on or object to the proposed settlement agreements, the distribution protocol, or class counsel's fees and expenses, set out your objection in writing and send it to class counsel by email at recours@siskinds.com or by mail to Siskinds Desmeules, 43 Rue de Buade Suite 320, Québec City QC, G1R 4A2, by September 15, 2026. Any member of the proposed classes may also attend the approval hearings and ask to make submissions.","faqs":[{"answer":"The proposed settlements total approximately CAD $21,250,000, with 75% allocated to gold claims and 25% to silver claims. Under the proposed distribution protocol, small traders with valid claims of at least $1,000 in transactions would be eligible for a minimum payment of $30 for gold and $20 for silver, with remaining funds shared pro rata based on trading volume tiers.","question":"How much money could I receive?"},{"answer":"Not yet. The settlements must first be approved by the Ontario and Quebec courts at hearings on October 1, 2026 and October 21, 2026. If approved, a claims process will open and class members will have six months from the date the notice of settlement approval is published to file a claim.","question":"When can I file a claim?"},{"answer":"Nothing. If you do nothing, you automatically stay in the class actions and will be notified about how to ask for a share if the settlements are approved. You may need to take action later to file a claim and receive a payment.","question":"What do I need to do right now?"},{"answer":"Yes. If you want to comment on or object to the proposed settlement agreements, the distribution protocol, or class counsel's fees and expenses, you should set out your objection in writing to class counsel at recours@siskinds.com by September 15, 2026. You may also attend the approval hearings and ask to make submissions.","question":"Can I object to the settlements?"},{"answer":"Yes, until September 15, 2026. If you opt out, you keep your right to sue the defendants on your own but you give up any share of the settlement money, and you cannot opt back in later. After September 15, 2026 no further right to opt out will be provided.","question":"Can I opt out of the class actions?"}],"eligibilityChecker":{"questions":[{"id":"transacted-precious-metals","text":"Did you buy, sell or otherwise transact in a gold, silver or other precious metals instrument (such as bullion, coins, futures, ETFs, options, certificates or leases) between January 1, 2004 and December 31, 2016?","type":"yes_no","helpText":"This includes transactions made directly, through a broker or other intermediary, or through an investment fund, mutual fund, hedge fund or pension fund that transacted in these instruments.","qualifyingAnswer":"yes","criticalForEligibility":true},{"id":"in-canada","text":"Were you a person or entity in Canada when you made those transactions?","type":"yes_no","helpText":"Platinum and palladium transactions are covered only for persons or entities in Quebec; gold and silver are covered across Canada.","qualifyingAnswer":"yes","criticalForEligibility":true},{"id":"not-defendant","text":"Are you one of the defendant banks, or a parent company, subsidiary or affiliate of one of the defendants?","type":"yes_no","qualifyingAnswer":"no","criticalForEligibility":true}],"uncertainMessage":"Some of your answers were Not sure, so we could not confidently determine your eligibility.","qualifyingMessage":"Based on your answers, you appear to fall within the class definition for this settlement.","nonQualifyingMessage":"Based on your answers, you do not appear to fall within the class definition for this settlement."},"claimCategories":[{"id":"gold-market-instruments","name":"Gold Market Instrument transactions","description":"For class members who transacted in gold instruments such as gold bullion, coins, futures, ETFs, options, certificates or leases between 2004 and 2016. Gold claims share 75% of the net settlement funds, split between small traders (transactions of $1,000 to $500,000) and large traders (over $500,000).","recoveryType":["Cash payment"],"documentation":["Account records required"],"recoveryRange":"$30 minimum payment for valid small trader claims of at least $1,000 in transactions; larger amounts shared pro rata by compensation tier","eligibilityChecker":{"questions":[{"id":"gold-transactions-1000","text":"Did your transactions in gold instruments between January 1, 2004 and December 31, 2016 total at least $1,000?","type":"yes_no","helpText":"Small traders need at least $1,000 in approved gold transactions to qualify for a payment.","qualifyingAnswer":"yes","criticalForEligibility":true}]},"eligibilityCriteria":["Transacted in a Gold Market Instrument between January 1, 2004 and December 31, 2016, directly, through an intermediary, or through an investment vehicle","Small traders must have at least $1,000 in approved transactions in Eligible Gold Market Instruments to qualify for compensation"]},{"id":"silver-market-instruments","name":"Silver Market Instrument transactions","description":"For class members who transacted in silver instruments such as silver bullion, coins, futures, ETFs, options, certificates or leases between 2004 and 2016. Silver claims share 25% of the net settlement funds, split between small traders (transactions of $1,000 to $500,000) and large traders (over $500,000).","recoveryType":["Cash payment"],"documentation":["Account records required"],"recoveryRange":"$20 minimum payment for valid small trader claims of at least $1,000 in transactions; larger amounts shared pro rata by compensation tier","eligibilityChecker":{"questions":[{"id":"silver-transactions-1000","text":"Did your transactions in silver instruments between January 1, 2004 and December 31, 2016 total at least $1,000?","type":"yes_no","helpText":"Small traders need at least $1,000 in approved silver transactions to qualify for a payment.","qualifyingAnswer":"yes","criticalForEligibility":true}]},"eligibilityCriteria":["Transacted in a Silver Market Instrument between January 1, 2004 and December 31, 2016, directly, through an intermediary, or through an investment vehicle","Small traders must have at least $1,000 in approved transactions in Eligible Silver Market Instruments to qualify for compensation"]}],"proceedings":{"body":"The following court actions are covered by the proposed settlement.","items":[{"court":"Ontario Superior Court of Justice","caseName":"(Ontario Gold Action) Di Filippo et al. v. The Bank of Nova Scotia et al.","fileNumber":"CV-15-543005-00CP"},{"court":"Ontario Superior Court of Justice","caseName":"(Ontario Silver Action) Di Filippo et al. v. The Bank of Nova Scotia et al.","fileNumber":"CV-16-551067-00CP"},{"court":"Superior Court of Quebec","caseName":"(Quebec Gold Action) Benoit v. The Bank of Nova Scotia et al.","fileNumber":"500-06-000861-175"},{"court":"Superior Court of Quebec","caseName":"(Quebec Silver Action) Ayas v. La Banque de Nouvelle-Écosse et al.","fileNumber":"500-06-000789-160"},{"court":"Superior Court of Quebec","caseName":"(Quebec Precious Metals Action) Benoit v. JPMorgan Chase & Co. et al.","fileNumber":"500-06-001120-217"}],"heading":"Proceedings"},"relatedSlugs":[],"group":null,"cardSummary":"If you traded in gold, silver or other precious metals investments between 2004 and 2016, you may be able to claim from proposed settlements of about $21.25 million once the courts approve them.","proofRequired":"","claimTime":"","claimAmount":"","coverageStartDate":"2004-01-01","coverageEndDate":"2016-12-31","deadline":"","optOutDeadline":"2026-09-15","objectionDeadline":"2026-09-15","approvalHearingDate":"2026-10-01","approvalHearingDates":[{"date":"2026-10-01","label":"Ontario"},{"date":"2026-10-21","label":"Quebec"}],"approvalPending":false,"seriousHarmEnabled":false,"formHelperEnabled":false,"dateAdded":"2026-08-21","lastUpdated":"2026-08-24","firstPublishedAt":"2026-08-22 03:37:01","claimsOpenedAt":null,"lastVerifiedAt":"2026-08-21","languages":["en","fr"]}}