This case alleges that the defendants conspired to manipulate the global gold 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 gold market makers in Canada and across the world, including Scotia Bank, Barclays, Deutsche Bank, HSBC, UBS, and Société Générale.

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

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

The case seeks to represent persons in Canada who transacted in gold market instruments such as gold bullion or gold bullion coins, gold futures contracts, shares in Gold ETFs, etc. between January 1, 2004 and March 19, 2014.

See Updates section on this page for recent developments in the case.

Sign up here to receive email updates on this case.

For more information on this and our other class actions, like us on Facebook and follow us on Twitter.


  • November 7, 2017: Plaintiffs’ Amended Amended Statement of Claim was issued.
  • February 28, 2017: The Plaintiffs’ Motion Record on Certification was served on the Defendants.
  • February 25, 2016: An Amended Statement of Claim was issued.
  • December 18, 2015: Lawsuit initiated in the Ontario Superior Court of Justice.

Case Contacts

David Sterns
t: 416.977.5229
f: 416.977.0717
e: dsterns@sotosllp.com

Louis Sokolov
t: 416.572.7316
f: 416.977.0717
e: lsokolov@sotosllp.com

Mohsen Seddigh
t: 416.572.7320
f: 416.977.0717
e: mseddigh@sotosllp.com