NY JP Morgan Silver Manipulation Lawsuit Dismissed

JP Morgan Chase & Co won the dismissal of a nationwide investors’ lawsuit in which the US’s biggest bank was occused of conspiring to drive down silver prices. US District Judge Robert Patterson in Manhattan implied the investors who bought and sold COMEX silver futures and options contracts, failed to show that JP Morgan manipulated prices, costing investors millions.  Huge short positions were accumulated by market events at the time.

The decision was made public Monday. Judge Patterson said that investors showed JP Morgan had the ability to influence prices, a fact the bank did not dispute, the investors “failed to show that the bank “intended to cause artificial prices to exist” and acted thereupon.

Investors accused banks in complaints filed from 2010 and 2011, accused banks of amassing hundreds of millions of dollars in illegal profit via silver manipulation.

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.

Complaint sought triple damages for antitrust violations in silver distortion between 2007-2010, such as “fake” trades late in the day when market volume was thinnest.

The case is In re: Commodity Exchange Inc Silver Futures and Options Trading Litigation, U.S. District Court, Southern District of New York, No. 11-md-02213.

Not long ago, Silver Vigilante and Silver Liberation Army organized a Facebook Bomb of JP Morgan. Here are some highlights:

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