BASF Metals $20M Settlement for Price Manipulation Claims

If you sold platinum or palladium futures contracts, call options, or bought put options on the NYMEX between January 1, 2008, and November 30, 2014, you may be eligible to claim a portion of a $20,000,000 from a class action settlement.

BASF Metals Limited, Goldman Sachs International, HSBC Bank USA, N.A., and ICBC Standard Bank Plc have agreed to pay $20,000,000 to settle a class action lawsuit for allegedly conspiring to manipulate the prices of platinum and palladium.

Who can file a claim?

To be eligible for this settlement, you must have engaged in specific transactions involving platinum or palladium on the NYMEX between January 1, 2008, and November 30, 2014:

• Sold platinum or palladium futures contracts on NYMEX.
• Sold platinum or palladium call options on NYMEX.
• Bought platinum or palladium put options on NYMEX.

How much can class members get?

The settlement fund of $20,000,000 will be distributed among eligible class members. The amount each member receives will be based on a pro-rata share of the Net Settlement Fund, calculated from the total qualifying claim amounts.

• Futures Contracts: Transactions in platinum or palladium futures will receive a multiplier of 1.0.
• Options Contracts: Transactions in call or put options will receive a multiplier of 0.2.

For example, if your transaction amount is $10,000 in futures, your claim amount will be $10,000. If your transaction amount is $10,000 in options, your claim amount will be $2,000.

How to claim an award

To claim an award, class members must complete and submit a Proof of Claim and Release Form. This can be done online through the online claim form or by downloading the form and mailing it to the Claims Administrator.

The completed form must be postmarked by February 13, 2025, and sent to:

NYMEX Platinum/Palladium Fixing Settlement

c/o A.B. Data, Ltd.

P.O. Box 173090

Milwaukee, WI 53217

Claim instructions

Follow these steps to submit a claim:

1. Gather all relevant documentation of your transactions.
2. Complete the Proof of Claim and Release Form with accurate information.
3. Submit the form online or mail it to the specified address by the deadline.

Payment methods

• Check
• Direct deposit

How is the settlement fund distributed?

The settlement fund of $20,000,000 will cover:

• Compensation to eligible class members.
• Attorneys' fees, which may be up to 33-1/3% of the settlement fund.
• Reimbursement of litigation costs and expenses, not exceeding $600,000.
• Service awards for plaintiffs, as determined by the court.

Important dates

• Fairness Hearing: January 14, 2025
• Deadline to File a Claim: February 13, 2025

When is the Platinum & Palladium Antitrust Litigation payout date?

The court will hold a Fairness Hearing on January 14, 2025, to decide whether to approve the settlement. If approved, payments will be distributed to eligible claimants after the resolution of all claims and appeals.

Why is there a class action settlement?

The class action lawsuit was initiated because the defendants were alleged to have conspired to manipulate the prices of platinum and palladium. This manipulation allegedly occurred during two daily meetings, known as the AM and PM Fixings, which were intended to set global benchmark prices. The settlement allows the defendants to avoid the risks and costs of prolonged litigation while providing compensation to affected parties.