GSB Germany Reaches Settlement with 35 U.S. and Canadian Jurisdictions as Claims Process Begins

GSB Germany Settles with 35 Jurisdictions

In a significant legal development, thirty-five jurisdictions in the United States and Canada have officially agreed to the terms of a settlement with GSB Gold Standard Corporation AG, commonly referred to as GSB Germany. This settlement involves Josip Heit, GSB’s founder, along with several affiliated companies and brands. The announcement came from legal representatives on February 3, 2025, and marks a pivotal moment in a civil matter that has garnered much attention.

Overview of the Settlement

The civil settlement, initially disclosed on September 9, 2024, now encompasses various U.S. states and Canadian provinces, including major areas like California, Texas, and British Columbia. However, it's important to note that this settlement will not impose any monetary penalty or fine on GSB or Mr. Heit. Instead, they have agreed to initiate a refund process for all eligible customers residing in the settling jurisdictions.

Claims Process Launch

The next step in this process will commence on February 21, 2025, when the claims process opens for a period of ninety days. Customers who believe they are eligible for compensation must submit their claims by May 22, 2025. The claims will be handled by an independent administrator, AlixPartners, LLP, who will determine eligibility and manage the distribution of refunds.

For more detailed information on making a claim, individuals can visit gsbsettlement.com. Only residents of the participating jurisdictions are allowed to partake in the claims process.

No Admission of Wrongdoing

An essential aspect of this settlement is that it does not require any admission of guilt or wrongdoing from Mr. Heit or the GSB entities. They have agreed to cease and desist from selling unregistered securities in the areas covered by this settlement but will not admit to any violations of law or that the products offered were securities.

Moreover, the jurisdictions involved have also agreed not to publicly allege fraud or dishonesty against Mr. Heit or his companies in this matter. Any claims of fraud previously made by these jurisdictions will be withdrawn or amended.