Comment: "Silver Market Rigging" class action lawsuit: Case dismissed !

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"Silver Market Rigging" class action lawsuit: Case dismissed !

Silver market rigging lawsuit against Morgan dismissed but may be revived Saturday, December 29, 2012

Robert P. Patterson Jr. in U.S. District Court for the Southern District of New York. has dismissed the class-action silver market-rigging lawsuit against J.P. Morgan Chase & Co. This case was filed a year ago in September. Judge ruled that the complaint lacked the specifics and claims of bad intent necessary to be allowed to proceed to trial.

The dismissal was ordered a week ago by Judge Robert P. Patterson Jr. in U.S. District Court for the Southern District of New York. The judge gave the plaintiffs 30 days to show cause why they should be allowed to file a substitute complaint.

Judge Patterson's decision is posted in PDF format at GATA's Internet site here:

http://www.gata.org/files/GATASilverClassActionDismissed-12-...

The judge begins on Page 19 to enumerate the deficiencies he found in the complaint.

Interestingly, the judge also writes on Page 19, "JPMorgan declines to challenge that it possessed the ability to influence market prices." Of course silver market rigging whistleblower Ted Butler long has maintained that Morgan's disproportionate position in the silver futures market is by itself highly manipulative.

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