Frequently Asked Questions

What is the case about?

The case alleges that the defendants conspired to manipulate prices in the silver market under the guise of the benchmark fixing process, known as the London Silver Fixing, from January 1999 to August 2014.

What stage is the case at and what are the next steps?

The plaintiffs have issued a Notice of Action that provides a summary of the nature of the allegations to be made in this case. A more detailed Statement of Claim will be prepared and served on the defendants in the next few weeks. After the defendants are served, there will be a hearing before the judge assigned to the case to determine the next steps.

The case has not yet been certified as a class action. There will be a hearing, known as a certification hearing, after all of the defendants are served, to determine whether or not the case is suitable to proceed as a class action. Click here for more information about the certification process generally.

What types of silver purchases are covered by this action?

The plaintiffs seek to represent: all persons or entities in Canada who, between January 1, 1999 and August 14, 2014, transacted in a Silver Market Instrument 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” is defined in the Notice of Action as: 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.

The full extent of the investments that are covered by this action will be determined by the court at the time of certification.

I made purchases of a Silver Market Instrument during the relevant time. What should I do with my records?

You should keep your records of any purchases of Silver Market Instrument until the end of this lawsuit. At the appropriate time, if there is a successful resolution of the case, you may be required to prove your purchases in order to obtain compensation.

How do I register to be part of this case?

If the court certifies the action as a class proceeding, notices will be published in the national media and on the internet to all prospective class members. Notices will also be sent directly to all individuals who register on the law firms’ websites. To be sure to receive a direct notice if the case is certified, you should register here.

Will I be able to recover my losses in respect of a Silver Market Instrument through this lawsuit?

It is not possible to determine at this stage what losses may be recovered through this lawsuit. If the case is certified by the court, the court will determine what issues will go to trial, what Silver Market Instruments may be covered by the action, and whether or not damages can be assessed at trial on a global basis or on an individualized basis.

Why does the Notice of Action seek $1 billion in damages?

The amount of damages sought in the Notice of Action is preliminary only. It can be adjusted upward or downward as the case moves forward and as further details become available.

How long will this case be expected to take before it is resolved?

Complex cases such as this one can be expected to take several years before there is a resolution.

I bought shares in a silver mining corporation. Will those shares be included in the class action?

No. Shares in silver mining corporations are not included in the proposed definition of Silver Market Instruments.

I bought or sold Silver Market Instruments outside of Canada. Will those purchases be included in the class action?

No, the action is limited to transactions that occurred while the purchaser or seller was in Canada.

I am not a Canadian resident. Will I be included in the class action?

Your purchases will only be included if you were in Canada when you bought or sold a Silver Market Instrument.

I have purchased a Silver Market Instrument but I have not sold it. Is it necessary to have sold it to be included in the class?

The scope of the transactions that will be covered by the class action will be determined by the court at the time of certification. Until then, you should preserve your purchase records.

Have any of the defendants pleaded guilty or admitted to any wrongdoing in relation to the allegations made in this case?

No defendant has pleaded guilty to or admitted any wrongdoing in relation to such conduct.

I understand Deutsche Bank has entered into a settlement in a U.S. action that was brought in relation to alleged manipulation in the price of silver. Is that relevant to this case?

Based on publicly available information, Deutsche Bank has agreed to make a payment to the plaintiffs and to provide information and cooperation in respect of the U.S. action. Further details of the settlement have not yet been made public. Settlements do not involve an admission of guilt by a defendant.

Do I have to pay money to be part of this class?

No, the action is being brought on a contingent fee basis by the lawyers for the plaintiffs. This means that the lawyers for the plaintiff have agreed that they will only be paid from the money collected from the defendants in the Class Action. The Court will decide how much money the lawyers for the plaintiff are paid.

I have questions that are not answered above.

Please e-mail your question to We will review your question and, if appropriate, revise this list of FAQs.

Please consult this website from time to time for updates about the class action. Class counsel will be unable to respond to your direct inquiries.