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Class Action Lawsuit Says Banks Manipulated Gold Price
Posted: Mon May 17, 2021 8:21 pm
by Don
I just received a class action lawsuit claim form that claims that HSBC and Deutche Bank had regular afternoon meetings from 2004 to 2013 where they deliberately manipulated the price of gold. I believe that the 2 banks have set aside over $100M to settle the claim.
Wtf!
Is this still going on today by other parties?
Re: Class Action Lawsuit Says Banks Manipulated Gold Price
Posted: Mon May 17, 2021 8:24 pm
by Don
The lawsuit is for those who sold GLD, IAU or physical gold during that time period. Gold options too.
Re: Class Action Lawsuit Says Banks Manipulated Gold Price
Posted: Mon May 24, 2021 12:50 am
by Tortoise
Got my claim forms in the mail last week. Logged on to Vanguard to find my GLD and/or IAU sales during the period covered by the lawsuit (2004 to 2013). But as luck would have it, Vanguard only provides online statements going back to 2014.
Is it worth it for me to call Vanguard, go through their phone tree, and wait on hold for an hour to speak with an employee who might be able to send me the pre-2014 statements that I need, given that my cut of the class action settlement is probably something like $10? Not really.
What I'd like to know is this: If they knew enough about my GLD and/or IAU sales from 2004 to 2013 to identify me as a member of the settlement class, why don't they just tell me what my sales were and send me a check instead of making me duplicate the work they've already done?
Re: Class Action Lawsuit Says Banks Manipulated Gold Price
Posted: Mon May 24, 2021 8:02 pm
by Don
Tortoise wrote: ↑Mon May 24, 2021 12:50 am
Got my claim forms in the mail last week. Logged on to Vanguard to find my GLD and/or IAU sales during the period covered by the lawsuit (2004 to 2013). But as luck would have it, Vanguard only provides online statements going back to 2014.
Is it worth it for me to call Vanguard, go through their phone tree, and wait on hold for an hour to speak with an employee who might be able to send me the pre-2014 statements that I need, given that my cut of the class action settlement is probably something like $10? Not really.
What I'd like to know is this: If they knew enough about my GLD and/or IAU sales from 2004 to 2013 to identify me as a member of the settlement class, why don't they just tell
me what my sales were and send me a check instead of making me duplicate the work they've already done?
I was able to see my transaction history at Vanguard back to 2011 and that helped me a lot.
Re: Class Action Lawsuit Says Banks Manipulated Gold Price
Posted: Mon May 24, 2021 8:24 pm
by whatchamacallit
I also got the paperwork in the mail.
I came to the conclusion pretty quick that it wasn't going to be worth my time to fill out.
I would have much preferred that they just mail me a gold coin.
Re: Class Action Lawsuit Says Banks Manipulated Gold Price
Posted: Tue May 25, 2021 9:33 am
by sophie
I didn't get any paperwork in the mail, because the only gold I sold in that time period was physical (to APMEX). I did that to tax loss harvest, and it was a reasonably large amount - so I have the documentation and theoretically all I need to file a claim.
I wrote to APMEX (where I sold the coins) but meanwhile....can anyone post the website address for filing a claim? I couldn't find it by searching.
Re: Class Action Lawsuit Says Banks Manipulated Gold Price
Posted: Tue May 25, 2021 9:53 am
by Tortoise
Re: Class Action Lawsuit Says Banks Manipulated Gold Price
Posted: Tue May 25, 2021 1:21 pm
by sophie
Thanks Tortoise but it came up with an error....
FWIW, APMEX said they're not aware of any such class action suit.
Re: Class Action Lawsuit Says Banks Manipulated Gold Price
Posted: Tue May 25, 2021 1:55 pm
by Tortoise
sophie wrote: ↑Tue May 25, 2021 1:21 pm
Thanks Tortoise but it came up with an error....
FWIW, APMEX said they're not aware of any such class action suit.
The link was working this morning when I posted it, but I tried it again just now, and I see an error just like you do. Weird. Probably a technical glitch. Try it again later today or tomorrow.
Re: Class Action Lawsuit Says Banks Manipulated Gold Price
Posted: Tue May 25, 2021 7:11 pm
by vnatale
Tortoise wrote: ↑Tue May 25, 2021 1:55 pm
sophie wrote: ↑Tue May 25, 2021 1:21 pm
Thanks Tortoise but it came up with an error....
FWIW, APMEX said they're not aware of any such class action suit.
The link was working this morning when I posted it, but I tried it again just now, and I see an error just like you do. Weird. Probably a technical glitch. Try it again later today or tomorrow.
I just tried and it worked for me.
Re: Class Action Lawsuit Says Banks Manipulated Gold Price
Posted: Wed May 26, 2021 8:30 am
by sophie
I just tried Tortoise's link, and now it's working.
It says you can file if you sold physical gold sometime between 2004 and June 30, 2013. Guess when my gold sale was? July 22, 2013. D'OH!!!!!!!!!!!
The gods seem determined to be unkind to me lately....