Billion Dollar Lawsuits Filed Following Deutsche Bank's Admission Of Gold, Silver Rigging

Tyler Durden's picture

Barely a day had passed since the historic admission of gold and silver price rigging by Deutsche bank, which as we reported on Thursday was settled with not only "valuable monetary consideration", but Deutsche's "cooperation in pursuing claims" against other members of the cartel, i.e., exposing the manipulation of other cartel members, and the class action lawsuits have begun.

Overnight, two class action lawsuits seeking $1 billion in damages on behalf of Canadian gold and silver investors were launched in the Ontario Superior Court of Justice.

The first class action alleges that the defendants, including The Bank of Nova Scotia, conspired to manipulate prices in the silver market under the guise of the benchmark fixing process, known as the London Silver Fixing, for a fifteen-year period.

More from the suit:

It is further alleged that the defendants manipulated the bid-ask spreads of silver market instruments throughout the trading day in order to enhance their profits at the expense of the class. This alleged conduct affected not only those investors who bought and sold physical silver, but those who bought and sold silver-related financial instruments.

 

Law enforcement and regulatory authorities in the United States, Switzerland, and the United Kingdom have active investigations into the defendants' conduct in the precious metals market.

 

The case is on behalf of all persons in Canada who, between January 1, 1999 and August 14, 2014, transacted in a silver market instrument either directly or indirectly, including investors who 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 copy of the Notice of Action can be found at sotosllp.com. Potential class members can register on the website to obtain more information as the case progresses.

 

The plaintiffs and the proposed national class are being represented by a national team of lawyers from Sotos LLP (www.sotosllp.com), Koskie Minsky LLP (www.kmlaw.ca) and Camp Fiorante Matthews Mogerman (www.cfmlawyers.ca) with offices in Ontario and British Columbia.

An identical class action lawsuit was also launched for gold manipulation.

This is just the tip of the iceberg: with DB's official "admission", countless other plaintiffs will step up, and everyone who may have "lost" money trading gold over the noted 15 year period will surely demand to be made whole.

More importantly, we are curious to see what if anything the discovery process will unveil.  This is what we said on Thursday:

Since this is just one of many lawsuits filed over the past two years in Manhattan federal court in which investors accused banks of conspiring to rig rates or prices in financial and commodities markets, we expect that now that DB has "turned" that much more curious information about precious metals rigging will emerge, and will confirm what the "bugs" had said all along: that the precious metals market has been rigged all along.

Now that Canada has broken the seal, we expect similar lawsuits to follow in the U.S.

* * *

As a reminder, this is what the gold and silver settlement term sheets looked like.

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Kirk2NCC1701's picture

DB ueber alles!

;-) 

Latina Lover's picture

Where do I sign up? I am sick of getting ass blasted by criminal banksters.   Let's burn Douchebank to the ground!

Never One Roach's picture

Sorry but this law suit has low priority. All attention is being focused on those vicious climate change deniers.

CounterPartyVice's picture

Only a billion, will be marked off as operational cost in the worse case scenario.

Four chan's picture

setteled in jew bucks or gold?

philipat's picture

So far, this may cost a few Non-US Banks a few Billion, BUT the real manipulation of PM's occurs BY US Banks on Comex. And that is exactly how The Fed wants it to be so they can manipulate PM prices via their Agents the Bullion Banks, especially JPM.

BaBaBouy's picture

Fear Not, Market Warriors, Everything has since been resolved ...

Commercials Change Latest DATA: SILVER --- LONG: +817   SHORT +13,568

(CONTRACTS OF 5,000 TROY OUNCES)

http://www.cftc.gov/dea/futures/deacmxsf.htm

mvsjcl's picture

Damn! That's just sick.

Fester's picture

Is everyone going to state how much physical metal they own so they can join a lawsuit?

Not me.

Just stop the manipulation and a will be happy.

philipat's picture

And Comex was set up as it is deliberately to allow the CB's to manipulate PM prices. The Cartel can print as mush paper Gold as they need to short demand on the spec side. This does NOT require any physical metal to be deposited and, of course, this artificial unlimited supply limits the price increase just as if it were physical Gold being sold.  The Cartel then wait for the buying momentum to stop then run the stops through the bid stack, generally at 2AM, by selling a large number of naked shorts into a thin market. Then they cover their shorts and take the profits. Wash, Rinse, Repeat. This is perfectly legal under CME rules and these rules are not going to be changed because it is very profitable for the Cartel and it is what the CB's want.

It isn't going to change until either the pricing of Gold gets transferred to the new physical markets, where it belongs OR until the system collapses.

38BWD22's picture

 

 

Wow, I bought a tiny amount of gold when I was in Canada during that time frame.  Maybe I (American) should sign on with the Canadian law firms...?

mvsjcl's picture

Kitco is based in Canada.

Cognitive Dissonance's picture

'Justice' via a class action lawsuit? I don't think so.

greenskeeper carl's picture

What, you don't think 1.74 each (after the lawyers take their share) is enough to make us all whole? Isn't the feeling of knowing you were right enough?

boattrash's picture

Mercs, blacked out vans, a spool of rope, and a strong tree limb would be a better investment for sending a message than $$millions in wasted legal fees.

Diet Coke and Floozies's picture

After this lawsuit and the housing bubble pops, I'll be BTFD on BNS stock!

F em all but 6's picture

You bet. Justice for the lawyers who will collect 97.65% of the settlement. Crumbs will be distributed to the rest of us.

KnuckleDragger-X's picture

Land sharks gotta eat too. Too bad they are greedy pigs who would sell their mothers on a street corner......

williambanzai7's picture

Get ready for the Good and Bad Deutsche Bank scenario

WillyGroper's picture

i'd know that voice anywhere.

Bangin7PoundCocks's picture
Bangin7PoundCocks (not verified) Latina Lover Apr 16, 2016 12:05 PM

Probably won't feel any better to get finger banged by the lawyers when they give you a $14 settlement check. And nobody will ever admit any guilt.

jewish_master's picture

DB knows they going under, sp might as well spill the baens on everyone

Nid's picture

Um, isn't there a Criminal Element to market/securities rigging? Why the fuck aren't there indictments? Because they're settling? Plea deal? 

Theonewhoknows's picture
Theonewhoknows (not verified) Nid Apr 16, 2016 11:57 AM

It's the same circles. The central planinsts that think they know the recipe to own the world and govern it. Whether through financial system or through government coercion. So we all know that the ship is going down but the music keeps playing but what we should be thinking about is how not to be swept by the wave of bad consequences developed world indebtedness, bubbles in many corners of market and war on cash. Playing a bear against central banks may be very hard on the other hand, prolonging this binge QE-driven bubbles equals meeting a wall sooner or later. http://independenttrader.org/is-time-to-short-already-here.html

yellowsub's picture

Here's the thing that people don't realize; to the banks, pols, public servants that does what we perceive as the shady shit, it is business as usual.

Only when exposed is it labeled as wrongdoing but hardly criminal.  Gotta protect their own most of the time.

People have to remove the perception those people dressed in suits wearing a big smile is not more honest than a ghetto thug trying to rob them...except when they're doing "God's work"...

Fireman's picture

Like the World Trade Center buildings before it Deutsche Bank has been rigged to blow and as Lucky Larry Silverstein fessed up about WT Building 7..."They're gonna pull it."

https://www.youtube.com/watch?v=v-27FGbpBk4

https://www.youtube.com/watch?v=4rBpILbCDt0

_ConanTheLibertarian_'s picture

This is like, kill a/some (other) banker(s) before you (DB here) die.

unwashedmass's picture

 

if anyone is looking for a named plaintiff for US silver stock investors....I am here.......email ny2maine@gmail.com

skinwalker's picture

They may do something diabolical: offer compensation for damages caused by keeping the price artificially low, but only if you declare and register your stack. That way they capture some of the dumber metal bugs. 

RozKo's picture

China will make it all good again....

SHEEPFUKKER's picture

A giant circle jerk of  rigging on behalf of governments/shadow governments who control the justice/injustice system. Exactly how does this resolve favorably for the 99.9%? I guess if you are stacker, you got over.

 

 

logicalman's picture

There is a Ontario Superior Court - Justice doesn't come into it.

 

i_call_you_my_base's picture

Like libor, this is likely minor rigging here and there by traders rather than having anything to do with The Big Rig.

The Duke of New York A No.1's picture

Don't worry Deutsche Bank; the Dallas FED has your back!.

BadDog's picture

This fucker is going to burn to the ground before this lawsuit gets strarted.

The Abstraction of Justice's picture

I sued Deutsche Bank for silver manipulation, and they ended up getting a Civil Restraining Order against me. The justification by Judge Simon Brown QC was that demanding to cross-examine the applicant to an oral hearing was vexatious. In the Grounds for Appeal I listed something like 20 points of misconduct against the judge. As of late the Court of Appeal have refused to release the transcript of the hearing, even though it was paid for at public expense. On the day the court recceived a demand from me to release the transcript it sent me a court order refusing permission to appeal the claim. Now I read that the defendants admit guilt to the same allegations in another lawsuit.

 

Anyone who wants an open letter sent to the Lord Chief Justice in this matter, or any details of the court cases can email me mark.anthony.taylor@gmail.com

 

 

The Abstraction of Justice's picture

I sued Deutsche Bank for silver manipulation, and they ended up getting a Civil Restraining Order against me. The justification by Judge Simon Brown QC was that demanding to cross-examine the applicant to an oral hearing was vexatious. In the Grounds for Appeal I listed something like 20 points of misconduct against the judge. As of late the Court of Appeal have refused to release the transcript of the hearing, even though it was paid for at public expense. On the day the court recceived a demand from me to release the transcript it sent me a court order refusing permission to appeal the claim. Now I read that the defendants admit guilt to the same allegations in another lawsuit.

 

Anyone who wants an open letter sent to the Lord Chief Justice in this matter, or any details of the court cases can email me mark.anthony.taylor@gmail.com

 

 

Huh Reeeally's picture

Good, maybe I can get in on that claim too. Not sure why anyone besides shareholders would be against sueing their azzes, This trainwreck is starting to get interesting, the shoe is on the other foot now and it's well deserved.

Michigander's picture

I bought a monster box at 19, then at 18, then at 16, and then at 15. I would have rather paid much much more.

 

Albertarocks's picture

Are you getting younger as the years progress?  Oh... maybe you're talking about price?  :-)

By the way, congrats.  Great perserverance.  That's admirable.

williambanzai7's picture

DB, a bunch of bidriggers and rats...

Albertarocks's picture

It seems Canadians are getting into a bit of an ass kicking mood in recent months.  There is also a lawsuit agains the Bank of Canada itself.  Maybe even more importantly, a monumental development is underway in the battle against chemtrails and geo-engineering.  Dane Wigington has filed a lawsuit in Canada against the geo-engineers, whever they are, and it's gaining momentum fast.  You can see one of his recent interviews here.  If We Don't Stop This, We're Dead.

gregga777's picture

From Con Street financial markets to the criminal banking system to Conporartions to elections everything is rigged by and for the benefit of the rich. That's how the rich got rich and continue to get richer everyday while everyone else gets poorer and slide further behind everyday. I'm going to be ROTFLMAO (rolling on the floor laughing my a** off) when the SHTF and mobs with torches and pitchforks turn the tables on the rich and their cronies.

quadraspleen's picture

 

 

erm..what happens if "they" decide the market was spiked and not supressed? In this Alice in Wonderland world, nothing would surprise me anymore I don't think..DB could argue they kept the price high..imagine..

black is white..war is peace, freedom is slavery, ignorance is strength.

oncemore's picture

1 bn in a period 1999-2014?
They should go for 20 trillion.