The statements below are Sotos LLP’s account of this case. They reflect allegations or the firm’s position and have not been determined by a court unless a settlement or judgment is noted.
About This Case
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.
Source: Sotos LLP
Who May Be Eligible
The case seeks to represent persons in Canada who transacted in silver market instruments such as silver bullion or silver bullion coins, silver futures contracts, shares in silver ETFs, silver call options, etc. between January 1, 1999 and August 14, 2014.
Source: Sotos LLP
How to Register
No. If the lawsuit is certified, and you are included in the class as defined, you are automatically included in the lawsuit.
Source: Sotos LLP
Frequently Asked Questions
What is a class action?
A class action is a special form of lawsuit in which one plaintiff brings a claim against one or more defendants based on allegations which are common to a group, or class, of people. In order for the action to become a class action, it must proceed through a stage known as "certification".
Who brings a class action lawsuit forward?
A statement of claim is issued on behalf of a "representative plaintiff". The representative plaintiff's role is to work with class counsel to bring the action forward and to represent the class members in court.
What is certification?
In order for an action to proceed on behalf of the entire class, a judge must decide (among other things) whether the members of the proposed class have common issues, and whether a class action is the preferred way to resolve the issues. The process to decide these issues is known as the "certification motion". If the judge is satisfied that the case meets all of the requirements for certification, he or she will issue an order which certifies the action as a class action.
Do I have to do anything to "join" the lawsuit?
No. If the lawsuit is certified, and you are included in the class as defined, you are automatically included in the lawsuit.
Once I am part of the class do I have to do anything?
No. We will work primarily with the class representative.
What if I do not want to be included in the lawsuit?
Those who do not wish to remain in the class will be given the option to opt-out by sending an opt-out form at the appropriate time to us.
What are the benefits of proceeding as a class action?
Certification as a class action will enable us to prove the facts in a single lawsuit rather than in numerous individual lawsuits. This has obvious benefits to the class members and to the courts.
How long does it take for a class action to be resolved?
There is no timeframe. We will move the case forward diligently but it can take a considerable period of time to reach trial.
Can a class action lawsuit be settled without going to trial?
Many class actions settle and thereby remove the need for a trial. However, we cannot predict with any certainty whether or not there will be a settlement in a given action.
What are the chances of winning the action?
The chances of "winning" can never be accurately predicted.
Will be liable for any costs or legal fees?
Class action lawsuits are typically brought on a contingency fee basis. This means that the lawyers will only be paid if the action is successful at trial or results in a settlement in favour of the plaintiffs. Legal fees would then be paid out of the settlement or judgment proceeds as approved by a judge.
Source: Sotos LLP
Disclaimer: This information is sourced from Sotos LLP. It is provided for general information only and does not constitute legal advice. Always verify details with the original source before taking any action.
Legal disclaimer: Information on this page is general in nature and does not constitute legal advice. ClaimBar tracks class action settlements and provides updates. Always seek professional legal advice for your specific circumstances.
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