JPMorgan Wins Dismissal Of Silver Price Fixing Lawsuit
Mar 19, 2013 at 6:08 AM
DailyBail in JP Morgan, Silver, jpmorgan, lawsuit, lp morgan, price fixing, silver


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.


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.

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