Reached Settlement in Antitrust Class Action Relating to Precious Metals Futures Contracts Trading

August 5, 2022

Serri v. Bank of Nova Scotia et al.

In August of 2022, Robins Kaplan LLP reached a confidential settlement in an antitrust class action wherein the firm serves on the court-appointed Executive Committee on behalf of a putative class of individuals or entities who bought or sold gold, silver, platinum, and palladium futures contracts and options on such contracts on the New York Mercantile Exchange (“NYMEX”) and Commodity Exchange, Inc. (“COMEX”).

In July of 2019, former precious metals trader Corey Flaum pled guilty to one count of attempted price manipulation in connection with his precious metals futures contracts trading. In July of 2020, the United States Department of Justice announced that Scotiabank had entered into a deferred prosecution agreement and agreed to pay $127.4 million in fines and forfeiture. The recent settlement will resolve this matter in its entirety upon receiving final court approval.
Past results are reported to provide the reader with an indication of the type of litigation we practice. They do not and should not be construed to create an expectation of result in any other case, as all cases are dependent upon their own unique fact situation and applicable law.

Kellie Lerner


Co-Chair, Antitrust and Trade Regulation Group;
Pronouns: she/her

Audra M. O'Rourke

Senior Antitrust Research Analyst

Ashley Emershaw

Economic Research Analyst

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