JPMorgan wins dismissal of silver price-fixing lawsuitSubmitted by cooper11 on Mon, 03/18/2013 - 18:04
Mar 18, 2013 - (Reuters) - JPMorgan Chase & Co (JPM.N) 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.
In a decision made public on Monday, 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.
A lawyer for the investors did not immediately respond to a request for comment.
Continue reading at Reuters