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To: Goose94 who wrote (116167)	11/18/2021 7:52:44 PM
From: Goose94	Read Replies (1) \| Respond to of 203414

Gold: Third London gold market rigging settlement brings total payments to $152 million Nov 13th 2021 Barclays Bank PLC, Scotiabank, Societe Generale, and the London Gold Market Fixing Ltd. agreed to pay $50 million to end claims that they illegally fixed prices on the gold market, the putative class of gold traders told a New York federal court Friday. The deal, if approved, would be the third and final settlement in the putative class action and would bring the total take for the plaintiffs to $152 million, according to the gold traders' motion for preliminary approval. The motion also seeks certification of a class of "many thousands" who traded gold or financial instruments with gold as their underlying asset between January 2004 through June 2013. "Studies have found that the median full-case antitrust recovery is 19% of single damages," the plaintiffs said. "Thus, co-lead counsel would have to establish at trial a recoverable single damages figure of $800 million before the combined recovery from the three proposed settlements fall behind the pace of a median antitrust recovery rate. "Considering the risks and costs of continued litigation, both the combined result of all three settlements and this third settlement agreement even when viewed in isolation provide excellent results for the settlement class." The March 2014 putative antitrust class action represents 18 consolidated suits claiming that several banks were involved in a wide-ranging conspiracy to fix prices on the gold market. London Gold Market Fixing members held secret meetings to share info rmation on the real-time price of gold to set a rate beneficial to them, including Barclays, HSBC, and Deutsche Bank, according to the suit. The deal is the third such settlement in the class action following one in December 2016 with Deutsche Bank AG for $60 million and another in December 2020 with HSBC Bank for $42 million. UBS AG was dismissed from the suit in 2018. HSBC provided transaction data and discovery to help the plaintiffs continue pursuing the banks remaining in the suit -- the ones that announced the settlement on Friday -- according to the agreement. HSBC, among other banks, tried unsuccessfully to get the claims tossed, arguing in 2017 that the data analysis used by a group of investors and traders doesn't support claims of collusive trading once the flaws are corrected. Barclays and Societe Generale got a partial win in 2019 when U.S. District Judge Valerie E. Caproni allowed them to redact some customer data from discovery but rejected sim ilar requests from HSBC and ScotiaBank. The gold traders are represented by Merrill G. Davidoff, Martin I. Twersky, Michael C. Dell'Angelo, and Zachary D. Caplan of Berger & Montague PC, and Daniel L. Brockett, Sami H. Rashid, Alexee Deep Conroy, and Christopher M. Seck of Quinn Emanuel Urquhart & Sullivan LLP. Barclays is represented by Todd Fishman of Allen & Overy LLP. SocGen is represented by Marc Gottridge of Herbert Smith Freehills New York LLP. London Gold is represented by James Vincent Masella III of Patterson Belknap Webb & Tyler LLP. ScotiaBank is represented by Stephen Ehrenberg of Sullivan & Cromwell LLP. The case is In re: Commodity Exchange Inc., Gold Futures and Options Trading Litigation, case number 1:14-md-02548, in the U.S. District Court for the Southern District of New York. By Dave Simpson, Rachel O'Brien, Dean Seal, Eric Kroh, and Jon Hill Law360, New York