Case Name: In re Platinum and Palladium Antitrust Litigation
Case Number: 1:14-cv-09391
Court: U.S. District Court for the Southern District of New York
Role: Co-Lead Counsel
Outcome: $20M Settlement

In re Platinum and Palladium Antitrust Litigation

Platinum and Palladium Price-Fixing Antitrust Litigation

DiCello Levitt served as Co-Lead Counsel in antitrust litigation that secured a $20 million settlement for traders who alleged manipulation of platinum and palladium prices and futures markets.

DiCello Levitt helped secure a $20 million global settlement resolving antitrust litigation alleging that major domestic and foreign precious metals trading institutions manipulated prices for platinum and palladium and related futures and options traded on the New York Mercantile Exchange (NYMEX).

As Co-Lead Counsel, the firm helped litigate the case through district court proceedings and a successful appeal to the U.S. Court of Appeals for the Second Circuit. In February 2023, the Second Circuit reinstated key claims, including claims under the Commodity Exchange Act, reversed the district court’s ruling that plaintiffs lacked antitrust standing in the futures and options market, and affirmed the exercise of personal jurisdiction over the foreign defendants. The district court granted final approval of the $20 million settlement in January 2025.

Key Court Decisions

June 4, 2021 — Plaintiffs argued their appeal before the U.S. Court of Appeals for the Second Circuit following dismissal of the litigation in the district court.
February 27, 2023 — The Second Circuit reinstated the case in significant part. The appellate court vacated the dismissal of plaintiffs’ Commodity Exchange Act claims, concluding that plaintiffs had alleged sufficient domestic activity for those claims to survive the foreign defendants’ motion to dismiss. The court also reversed the ruling that plaintiffs lacked antitrust standing in the futures and options market and affirmed the district court’s exercise of personal jurisdiction over the foreign defendants.
January 17, 2025 — The district court granted final approval of a $20 million settlement resolving the litigation.

Case Overview

In re Platinum and Palladium Antitrust Litigation arose from class actions first filed in 2014 on behalf of traders who alleged that Goldman Sachs, HSBC, BASF Metals, and ICBC Standard Bank manipulated prices for physical and exchange-traded platinum and palladium.

According to the plaintiffs, the defendants participated in and controlled the London Platinum and Palladium Fixings, which until 2014 established benchmark prices for platinum and palladium twice each day. Plaintiffs alleged that the defendants used collusive and anticompetitive practices to artificially depress those benchmark prices and prices in related futures markets.

The litigation alleged that the challenged conduct harmed traders who bought and sold platinum and palladium futures and options on NYMEX. According to the complaint, the alleged manipulation caused plaintiffs and other class members to receive less money when they sold affected futures contracts.

DiCello Levitt served as Co-Lead Counsel for the plaintiffs. After the district court dismissed the litigation, plaintiffs pursued an appeal before the U.S. Court of Appeals for the Second Circuit. The appellate proceedings addressed several significant issues, including whether plaintiffs had sufficiently alleged domestic conduct under the Commodity Exchange Act, whether they had antitrust standing to pursue claims involving the futures and options market, and whether the federal courts could exercise personal jurisdiction over the foreign defendants.

In February 2023, the Second Circuit reinstated key portions of the case. The court vacated the dismissal of the Commodity Exchange Act claims, ruling that plaintiffs had alleged sufficient domestic activity to survive the foreign defendants’ motion to dismiss on those claims. It also reversed the district court’s ruling that plaintiffs lacked antitrust standing in the futures and options market and affirmed the exercise of personal jurisdiction over the foreign defendants.

Following years of litigation, the parties reached a global settlement totaling $20 million. In January 2025, the district court granted final approval of the settlement, resolving the claims and providing a monetary recovery in litigation challenging alleged anticompetitive conduct affecting platinum and palladium markets.

This case is In re Platinum and Palladium Antitrust Litigation, Case No. 1:14-cv-09391, in the U.S. District Court for the Southern District of New York. The DiCello Levitt team was led by Greg Asciolla and included Noah Cozad.