Federal Judge Dismisses Silver Manipulation Lawsuit Against JP Morgan

Jamie DimonFederal US District Court Judge Robert P. Patterson Jr. has dismissed the class-action litigation suit brought against JP Morgan (and originally HSBC) regarding silver market-rigging.  Judge Patterson cited lack of specifics and claims of bad intent necessary to bring the suit to trial.

Perhaps Judge Patterson never bothered to actually read the litigation, because if he did, (assuming he was not paid off) he would have come to the same conclusions we did when the suit was filed in September of 2011:
The lawsuit completely exposes JPMorgan’s silver manipulation from insiders’ perspectives for ALL TO SEE.
We’re talking your wife streaking on the field during the opening kick-off of the Super Bowl type of exposure.

Que the CFTC announcement that their 4 year silver probe found no evidence of market manipulation in silver.

Full details of Judge Patterson’s dismissal of the suit, as well as the full original suit below:


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11-09-12 FINAL Consolidated Class Action Complaint

 

From GATA’s Chris Powell:

A federal judge has dismissed the class-action silver market-rigging lawsuit against J.P. Morgan Chase & Co. that was brought a year ago in September, ruling 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-12-21-2012.pdf

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.

A representative of one of the law firms for the plaintiffs in the case, Labaton Sucharow in New York, wrote to clients this week: “We are exploring next steps with the hope that there is some way to revive the case.”

The lawsuit’s complaint from September 2011 is posted at GATA’s Internet site here:

http://www.gata.org/node/10448

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.