The law firms of Siskinds LLP, Sotos LLP, Koskie Minsky LLP, and Camp Fiorante Matthews Mogerman LLP are 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 silver and silver-related investment instruments. Siskinds’ Québec-based affiliate, Siskinds Desmeules, also filed a similar action on behalf of Québec residents.
Beginning at least as early as 1999 and continuing through to August 14, 2014, the defendants conspired with each other to fix, raise, decrease, maintain, stabilize, control or enhance unreasonably prices in the silver market. This was done to enhance profit for some or all of the defendants at the expense of the Class Members.
Developments
Settlement
A national settlement, totaling $2,121,939.05 has been reached with Deutsche Bank AG, Deutsche Bank Securities Limited, and Deutsche Bank Securities, Inc. (collectively “Deutsche Bank”). The Deutsche Bank settlement has been approved by the Ontario and Quebec courts.
The settlement funds (plus interest, less court-approved fees and expenses) are being held in trust for the benefit of settlement class members. At a later date, the courts will be asked to approve a method of distributing the settlement funds to settlement class members.
Contested Litigation
The contested litigation is continuing against the remaining defendants.
The Québec action has been stayed in favour of the Ontario action to proceed first.
The plaintiffs in the Ontario action will be seeking to certify the Ontario action on behalf of a national class. At the certification motion, the court will determine whether this action is properly prosecuted as a class action. The certification motion has not yet been scheduled.
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 counsel are only paid if successful. Class counsel are paid a percentage of any settlement or court award. Class counsel fees are subject to court approval.
Who is affected by the class action?
You are affected by the class action (a “class member”) if you entered into a “Silver Market Instrument” in Canada between January 1, 1999 and August 14, 2014 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 Silver Market Instrument.
A “Silver Market Instrument” includes but is not limited to: silver bullion or silver bullion coins, silver futures contracts traded on an exchange operated in Canada, shares in silver ETFs, silver call options traded on an exchange operated in Canada, silver put options traded on an exchange operated in Canada, over-the-counter silver spot or forward transactions or silver call options, over-the-counter silver put options, leases for silver, and silver certificates.
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 exclude myself from the class action?
The time to opt-out of the action has passed.
What should I do to protect my rights?
To protect your rights, you should:
- Keep records of any Canadian purchases or sales of Silver Market Instruments between January 1, 1999 and August 14, 2014
- Register to receive updates on this case by filling out the form below.
I still have a question. Who should I contact?
If you have a question, please contact us at [email protected] or 1.800.461.6166, or complete the contact form below.
Documents
Settlement
- Notice of Settlement Approval Hearing [English] [French]
- Opt Out Form
- Deutsche Bank Settlement Agreement