Siskinds Desmeules, and Sotos LLP are class counsel in a class action against financial institutions (the “Defendants”) who conspired to fix, raise, decrease, maintain, stabilize, control or enhance unreasonably the price of precious metals and precious metals market related investment instruments, including metal such as gold, silver, platinum and palladium.
On January 8, 2021, Siskinds Desmeules, the Quebec firm affiliated with Siskinds LLP, filed a class action on behalf of Quebec residents who traded in a precious metals market instrument either directly or indirectly, and/or purchased or otherwise participated in an investment or equity fund, mutual fund, hedge fund, pension fund or any other investment vehicle that purchased a Precious Metals Market Instrument.
It is alleged that the conspiracy began at least on January 1, 2004, and continued until December 31, 2016. The Defendants' actions were intended to increase the profits of some or all the Defendants, to the detriment of class members.
A “Precious metals Market Instrument” includes but is not limited to: precious metals bullion and/or coins, precious metals futures contracts traded on an exchange market operated in Canada, shares in precious metals ETFs, precious metals call options traded on an exchange operated in Canada, precious metals put options traded on an exchange operated in Canada, over-the-counter precious metals put options, leases for precious metals, precious metals certificates, and any other instruments traded on the exchange market in Canada or on a Canadian stock exchange.
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Developments
On November 11, 2021, the Quebec action was stayed by the Superior Court of Quebec to give precedence to the Ontario class actions on gold and silver market instrument manipulation which are related to this class action. You can view a copy of the order by clicking here (English only). To know more about our related class actions, please visit theses pages: Gold Price Manipulation and Silver Price Manipulation.
This class action is in the early stages of proceedings. It has not yet been certified or authorized by the Court. The next step in the litigation will be the certification motion. At the certification motion, the court will determine whether the action should properly proceed as a class action. You can view a copy of the Application by clicking here (French only).
FAQs
What is a class action?
A class action is a lawsuit that is brought by one or more persons on behalf of a larger group of people whose claims share common legal and/or factual issues. Class actions provide a cost-effective way for groups of people with common interests to pursue a legal claim.
What does “certification” mean?
Certification is the motion where the court determines whether the action can properly be pursued as a class action. The court will consider factors such as whether the claims of the class members raise common legal and/or factual issues and whether a class action is the preferable method of pursuing the claims (as opposed to other methods, such as individual actions).
Do I have to pay anything to participate in the class action?
Class action lawyers are usually paid on a contingency basis. This means that class counsels are only paid if successful. Class counsels are paid a percentage of any settlement or court award. Class counsels fees are subject to court approval.
Who is affected by this class action?
You are affected by the class action (a “class member”) if you entered into a “Precious metals Market Instrument” in Canada between January 1, 2004 and December 31 2016 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 precious metal Market Instrument, such as gold, silver, platinum or palladium.
A “Precious metals Market Instrument” includes but is not limited to: precious metals bullion and/or coins, precious metals futures contracts traded on an exchange market operated in Canada, shares in precious metals ETFs, precious metals call options traded on an exchange operated in Canada, precious metals put options traded on an exchange operated in Canada, over-the-counter precious metals put options, leases for precious metals, precious metals certificates, and any other instruments traded on the exchange market in Canada or on a Canadian stock exchange.
Can I join the class action?
There are no steps required to “join” the class action. Assuming you fall within the scope of the class definition, you are automatically included in the class action unless you “opt-out” (exclude yourself from the class action).
Can I opt-out of the class action?
Yes. Once the class action has been authorized, you will have the opportunity to opt-out of the class action within a period of time to be determined by the Court. If you exclude yourself, you will not be entitled to any compensation awarded under a settlement agreement or court order. You may however pursue your own action on an individual basis.
Generally, class members will wish to exclude themselves from a class action if they intend to bring their own individual action. In the majority of cases, it will be more economical to participate in the class action because the legal costs will be shared among a very large number of people.
What should I do to protect my rights?
To protect your rights, you should:
- Keep records of any Canadian purchases or sales of Precious Metals Market Instruments between January 1, 2004 and December 31, 2016; and
- Register to receive updates on this case by emailing us at [email protected].
I still have a question. Who should I contact?
If you have any other questions, please complete the Get in touch form below.
For information in French or to contact our Quebec office, Siskinds Desmeules, call us at 418.694.2009 or at the toll-free number 1.877.735.3845 or email us at [email protected].
Documents
- Stay order of the Quebec action - Superior Court –November 11, 2021 (English Only)
- Application for authorization to institute a class action – January 8, 2021 (French only)