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Barclays Gold Price Fixing Class Action Settlement Overview:
- Who: Gold traders reached a $50 million class action settlement with Barclays Bank PLC, Scotiabank, Societe Generale, and the London Gold Market Fixing Ltd.
- Why: Gold traders claimed the banks colluded to fix the market price of gold.
- Where: The settlement agreement was announced in New York federal court.
A Class of gold traders reached a $50 million settlement with Barclays Bank PLC, Scotiabank, Societe Generale, and the London Gold Market Fixing Ltd. to resolve claims they fixed gold market prices.
The settlement would be third related to the claims and would bring the total amount of compensation to $152 million.
Gold traders are also seeking Class certification for thousands of consumers who traded gold or other financial instruments based around gold between January 2004 and June 2013.
The antitrust class action lawsuit began in 2014 as a consolidation of 18 separate complaints that claimed the banks were engaged in a scheme to fix the price of gold.
Plaintiffs allege the banks held secret meetings to trade information about gold prices in real time, in order to set new prices that would benefit them.
Plaintiffs reached a $60 million class action settlement with Deutsche Bank in 2016 and a $42 million settlement with HSBC Bank in 2020.
HSBC would go on to help plaintiffs in their claims by providing transaction data that helped them go after the banks involved in the current settlement agreement.
Prior to its settlement, HSBC had attempted to get the allegations dismissed on the basis that data analysis performed by the plaintiffs did not support their claims of collusive trading.
Barclays was previously named as a defendant in a 2017 class action lawsuit alleging certain financial institutions helped fund terrorist groups that targeted American forces during the Iraq and Afghanistan wars.
Do you believe Barclays colluded with other banks to fix the market price of gold? Let us know in the comments!
The plaintiffs are represented by Merrill G. Davidoff, Martin I. Twersky, Michael C. Dell’Angelo, and Zachary D. Caplan of Berger & Montague PC, and Daniel L. Brockett, Sami H. Rashid, Alexee Deep Conroy, and Christopher M. Seck of Quinn Emanuel Urquhart & Sullivan LLP.
The Barclays Gold Price Fixing Case is In re: Commodity Exchange Inc., Gold Futures and Options Trading Litigation, Case No. 1:14-md-02548, in the U.S. District Court for the Southern District of New York.
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