The main APMEX lawsuit on record is A World Trade, Inc. v. APMEX, Inc., a 2020 federal antitrust case that was dismissed by the district court and affirmed on appeal by the Ninth Circuit in 2022. No other lawsuits or regulatory enforcement actions against APMEX appear in the public record, though the company has drawn a steady volume of consumer complaints through the Better Business Bureau.
The Antitrust Case: A World Trade v. APMEX
In February 2020, A World Trade, Inc., a competing online precious metals reseller, sued APMEX and roughly a dozen other dealers in the U.S. District Court for the Central District of California. The case was assigned number 2:20-cv-01032 and classified as an antitrust action.1CourtListener. A World Trade, Inc. v. Apmex, Inc.
A World Trade alleged that APMEX and the other defendants had agreed among themselves to set predatory prices on precious metals sold online, in violation of Section 1 of the Sherman Act. The complaint also brought discriminatory-pricing claims under the Robinson-Patman Act.2Cooley LLP. Cooley Secures Win for Liberty Coin in Antitrust Case The theory was that the group had coordinated to price products in a way that squeezed smaller competitors out of the market.
The suit named around a dozen defendants across the online bullion industry, including Bullion Exchange, Bullion Shark, Liberty Coin, ModernCoinMart, Pinehurst Coin Exchange, Scottsdale Mint, SD Bullion, Silver Towne, and Texas Gold and Silver Exchange, among others. APMEX was one of several defendants that moved to dismiss rather than answer the complaint.1CourtListener. A World Trade, Inc. v. Apmex, Inc.
Why the Case Was Dismissed
The district court dismissed the complaint and formally terminated the case on February 22, 2021.1CourtListener. A World Trade, Inc. v. Apmex, Inc. A World Trade appealed. On April 28, 2022, the U.S. Court of Appeals for the Ninth Circuit affirmed the dismissal with prejudice, and the ruling took effect on May 20, 2022.2Cooley LLP. Cooley Secures Win for Liberty Coin in Antitrust Case
The courts found several independent problems with the case. A World Trade could not establish antitrust standing. It did not plausibly allege a horizontal conspiracy among the defendants. And it failed to define a plausible relevant market for the products at issue. On the Robinson-Patman claims, the court concluded that the plaintiff had not shown discriminatory pricing or that the defendants could recoup the alleged below-cost sales.2Cooley LLP. Cooley Secures Win for Liberty Coin in Antitrust Case Because the dismissal was with prejudice, A World Trade cannot refile the same claims.
Consumer Complaints That Have Not Become Lawsuits
APMEX has been accredited by the Better Business Bureau since 2004 and holds an A+ rating, but the BBB file also shows a steady flow of consumer complaints.3Money.com. APMEX Gold Review Recurring themes include canceled orders, shipping delays, disputed cancellation fees, and unilateral changes to what shipped versus what was ordered.
Some customers say APMEX canceled their orders, cited payment processing issues, and then tried to charge “market loss” fees. One BBB-documented complaint involved a $1,700 cancellation fee that APMEX waived only after the customer filed a formal complaint. Others describe shipping delays that coincided with drops in metals prices, and orders where items were removed and refunded in part rather than fulfilled in full.4Better Business Bureau. American Precious Metals Exchange Complaints In its responses, APMEX consistently points back to its User Agreement, which governs fulfillment timelines, shipping, and cancellations.
One reason these disputes tend not to reach court: the APMEX User Agreement requires binding arbitration on an individual basis for most disputes, and customers waive the right to a court proceeding, a jury trial, and participation in any class action. The clause applies to orders placed on the website and by phone.5APMEX. User Agreement The Bullion Club membership terms are stricter still, capping APMEX’s total liability at $100 for claims tied to the program, imposing a one-year statute of limitations, and identifying membership cancellation as the sole remedy.6APMEX. Bullion Club Terms and Conditions Based on the available records, no formal regulatory action or additional lawsuit has grown out of the consumer complaints.