Class actions > Silver Price Manipulation

Silver Price ManipulationACTIVE

Filippo and Carson v. The Bank of Nova Scotia et al.

A proposed class action lawsuit has been filed on behalf of all persons or entities in Canada who, between January 1, 1999 and August 14, 2014 (the “Class Period”) transacted in a Silver Market Instrument¹ 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. Excluded from the class are the defendants, their parent companies, subsidiaries, and affiliates.

Class Members: All persons or entities in Canada who, between January 1, 1999 and August 14, 2014 (the “Class Period”) transacted in a Silver Market Instrument¹ 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. Excluded from the class are the defendants, their parent companies, subsidiaries, and affiliates.

¹ “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.

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overview Updates documents

Overview

CourtOntario Superior Court of Justice

Date FiledApril 15, 2016

CO-COUNSEL David Stern, Soto LLP
Kirk Baert, Koskie Minsky LLP
Charles Wright, Siskinds LLP
Karim Diallo, Siskind Desmeules

Nature of Action

This case alleges that the defendants conspired to manipulate the global silver markets for many years to their own benefit and to the disadvantage of class members.

The defendants are some of the largest financial institutions and silver market makers in Canada and across the world, including Scotia Bank, Barclays, Deutsche Bank, HSBC, and UBS.

The defendants allegedly used their special position and market power within the global silver markets to conspire to use various illegal methods to manipulate the price of silver.

The court will decide at a later date if the case will proceed as a class action.

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.

Copies of the Deutsche Bank Agreement, Short-Form and Long Form Notice (English and French) and opt-out form can be located under Documents.

For more information please contact us via email at [email protected] or call CFM Lawyers at (604) 689-7555.

Updates

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