89 year old judge Robert Patterson Monday officially dismissed the class-action lawsuit against JP Morgan alleging illegal silver price fixing.
Patterson stated that investors failed to demonstrate that JPM was manipulating the silver market at their expense. Judge Patterson claimed that while investors successfully demonstrated that JPM influenced silver prices, they failed to demonstrate that JP Morgan “intended to cause artificial prices to exist“.
In other words, the smoking gun was not enough evidence, silver investors failed to prove the sinister motive behind JPM’s actions.
As Reuters reports, the class action suit has lost its appeal, and has been completely tossed out by Judge Patterson:
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.
Apparently the fact that JP Morgan Allegedly Telegraphed Silver Price Smashes Using Massive FAKE TRADES on Saxo Bank Platform was of no consequence to Judge Patterson.
Que the 5 year in the making CFTC announcement that their silver probe has concluded with nothing amiss in the silver futures market.