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Tuesday
Mar192013

JPMorgan Wins Dismissal Of Silver Price Fixing Lawsuit

BIGGUS DICKUS

Eric and Jamie are "friends"
We know how this love affair ends
Jamie's a whale
Who's Too Big Too Jail
So Eric subserviently bends

---

Jamie wins again.

Reuters

In a decision made public on Monday, JPMorgan has won the dismissal of a nationwide investors' lawsuit accusing the largest U.S. bank of conspiring to drive down silver prices.

U.S. District Judge Robert Patterson in Manhattan said the investors, who bought and sold COMEX silver futures and options contracts, failed to show that JPMorgan manipulated prices at their expense, including by amassing huge short positions that were not justified by market events at the time.

Patterson said that while the investors showed that JPMorgan had the ability to influence prices, a fact the bank did not dispute, they failed to show that the bank "intended to cause artificial prices to exist" and acted accordingly.

Investors had, in at least 43 complaints filed in 2010 and 2011, accused banks of amassing hundreds of millions of dollars in illegal profit by manipulating silver prices.

After the lawsuits were consolidated, HSBC was dropped in September 2011 as a defendant, leaving JPMorgan and 20 unnamed individuals as defendants.

Patterson had rejected the investors' claims in December, but gave them one last chance to bolster their case. The complaint had sought triple damages for what it called JPMorgan's antitrust violations in distorting silver prices between 2007 and 2010, including through alleged "fake" trades late in the day when market volume was thin.

Continue reading...

 

 

Takes 30 seconds to read the list:

JPMorgan's stunning list of banking frauds...

 

 

This is pretty funny:

HILARIOUS - JPMorgan Silver Manipulation Explained

 

 

Update:

JPM Whistleblower Says Mysterious Hit & Run Was An Attempt On His Life

 

 

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Reader Comments (4)

Even though the rule of law is no longer available to regular citizenry, here is a story that will warm the cockles of your hearts. Just a reminder that sometimes someone gets it right.http://www.carrollcountytimes.com/news/local/harris-introduces-cash-deposit-legislation-to-help-small-businesses/article_213470a5-d11b-52eb-ba90-eea54264c2ff.html
Mar 19, 2013 at 7:43 AM | Unregistered CommenterSKINFLINT
WTF?!? A case is dismissed when you fail to state a cause of action. That is really hard to do.

A failure to prove your case is not supposed to result in a dismissal although it could result in a summary judgment against the plaintiffs whether there is proof or not since the right to trials by jury were secretly amended away.

Maybe Reuters got it wrong and it was a summary judgment rather than a dismissal or maybe the dismissal was based on some repeated failure to plead a viable cause of action which is hard to imagine in this situation.

Of course, the judge may have just violated the law to do a favor for the banksters to prevent any incriminating evidence from being produced through discovery which often is not allowed to proceed until the plaintiffs get past the motion to dismiss.
Mar 19, 2013 at 3:35 PM | Unregistered CommenterMark A. Adams JD/MBA
Agreed, Mark. On a motion to dismiss, the court must accept all facts set forth in the complaint as true. It's next to impossible to believe that the plaintiffs' lawyers failed to state a viable cause of action in the complaint. Instead, I suspect exactly what you do--that the court treated JP Morgan's motion as one for summary judgment even though it was styled as a motion to dismiss.

As you point out, this REALLY saved JP Morgan's bacon since it never had to cough up any internal documents or produce any witnesses for depositions (which it would have had to do before bringing a motion for summary judgment). That's one reason this win is so big for JPM. The other of course is that the dismissal was undoubtedly with prejudice, so that the plaintiffs are barred from re-filing the case.

While I haven't read the opinion or the complaint--yet--the smell of rat is overpowering in this case.
Mar 19, 2013 at 4:38 PM | Registered CommenterCheyenne
this country has become as corrupt at all levels of power as Congo and Niger.
Mar 19, 2013 at 6:12 PM | Unregistered Commenteriypr[@yahoo.com

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