Canadian Gold and Silver Price-Fixing Class Actions
Reviewed by Marty Mikhail, Barrister & Solicitor with Quinn Thiele Mineault Grodzki LLPLast verified How we verify
Status
Claims not yet openApproval hearing
- Ontario
- Quebec
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About this claim
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.
See the questions the eligibility checker asks
The checker asks these questions. Use the Check Eligibility button to answer them and see a result.
- 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?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.
- Were you a person or entity in Canada when you made those transactions?Platinum and palladium transactions are covered only for persons or entities in Quebec; gold and silver are covered across Canada.
- Are you one of the defendant banks, or a parent company, subsidiary or affiliate of one of the defendants?
Gold Market Instrument transactions
- Did your transactions in gold instruments between January 1, 2004 and December 31, 2016 total at least $1,000?Small traders need at least $1,000 in approved gold transactions to qualify for a payment.
Silver Market Instrument transactions
- Did your transactions in silver instruments between January 1, 2004 and December 31, 2016 total at least $1,000?Small traders need at least $1,000 in approved silver transactions to qualify for a payment.
Read more
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.
The 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.
Claim types
This case covers more than one type of claim. Each has its own payment, proof requirements, and eligibility. Review the type that applies to you.
Gold Market Instrument transactions
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).
Payment: $30 minimum payment for valid small trader claims of at least $1,000 in transactions; larger amounts shared pro rata by compensation tier
Proof: Documents required
Who qualifies
- 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
Silver Market Instrument transactions
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).
Payment: $20 minimum payment for valid small trader claims of at least $1,000 in transactions; larger amounts shared pro rata by compensation tier
Proof: Documents required
Who qualifies
- 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
Claim Administrator
- KPMG Inc.
- Phone1-833-724-9399
- Email[email protected]
- Websitehttp://goldandsilversettlement.kpmg.ca
- MailKPMG 600 de Maisonneuve Blvd. West Suite 1500, Montréal, Quebec H3A 0A3 Attention: Canadian Gold and Silver Class Actions Administrator
Class Counsel
- Sotos LLP (Primary Contact) (All provinces and territories across Canada, excluding Quebec)
- Phone1-888-977-9806
- Email[email protected]
- Mail55 University Ave., Suite 600, Toronto, ON M5J 2H7
- Websitehttps://www.sotosclassactions.com
- Koskie Minsky LLP (All provinces and territories across Canada, excluding Quebec)
- Mail20 Queen St. W, Suite 900, P.O. Box 52, Toronto, ON M5H 3R3
- Siskinds LLP (All provinces and territories across Canada, excluding Quebec)
- Mail275 Dundas Street, Unit 1, P.O. Box 2520, London ON, N6B 3L1
- CFM Lawyers LLP (All provinces and territories across Canada, excluding Quebec)
- Mail856 Homer St., Suite 400, Vancouver, BC V6B 2W5
- Siskinds Desmeules, s.e.n.c.r.l. (Quebec)
- Mail43 Rue de Buade Suite 320, Québec City QC, G1R 4A2
- Phone1-877-735-3842
- Websitehttps://www.siskinds.com
Class members can get free help with their claim from the claims administrator listed above.
Proposed Settlement Documents
Proceedings
The following court actions are covered by the proposed settlement.
- (Ontario Gold Action) Di Filippo et al. v. The Bank of Nova Scotia et al.Ontario Superior Court of Justice · CV-15-543005-00CP
- (Ontario Silver Action) Di Filippo et al. v. The Bank of Nova Scotia et al.Ontario Superior Court of Justice · CV-16-551067-00CP
- (Quebec Gold Action) Benoit v. The Bank of Nova Scotia et al.Superior Court of Quebec · 500-06-000861-175
- (Quebec Silver Action) Ayas v. La Banque de Nouvelle-Écosse et al.Superior Court of Quebec · 500-06-000789-160
- (Quebec Precious Metals Action) Benoit v. JPMorgan Chase & Co. et al.Superior Court of Quebec · 500-06-001120-217
Opting out
The deadline to opt out was and has passed. Opting out is no longer available. Class members who did not opt out remain in the class and are bound by the outcome.
Objecting
The deadline to object was and has passed. Objections can no longer be filed. The court considers the objections it received when deciding whether to approve the settlement.
Frequently Asked Questions
How much money could I receive?
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.
When can I file a claim?
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.
What do I need to do right now?
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.
Can I object to the settlements?
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 [email protected] by September 15, 2026. You may also attend the approval hearings and ask to make submissions.
Can I opt out of the class actions?
The deadline to opt out was September 15, 2026 and has passed. Opting out is no longer available. Class members who did not opt out remain in the class and are bound by the outcome.
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