JP Morgan Cleared In Silver Manipulation Case

JP Morgan Wins Dismissal of Silver Manipulation Law Suits

Court Holds Plaintiffs Failed to Show that JP Morgan Made “Uneconomic Bids”

The Lowest Cost. Period.

No Silver Manipulation Here

JP Morgan won dismissal today in three privately brought consolidated lawsuits alleging that it had manipulated the silver market in 2010 and 2011 by among other things placing artificial, uneconomic bids on the COMEX market. The three law suits Shak et al v. JPMorgan Chase & Co et al, Wacker v. JPMorgan Chase & Co et al, and Grumet v. JPMorgan Chase & Co et al were dismissed with prejudice which means the cases can not be brought again.

In finding for JP Morgan, U.S. District Judge Paul A. Engelmayer wrote:

“Given the (lawsuits’) failure both to explain why SIFO should track silver futures spreads, and to concretely plead that it did so consistently, a mere general correlation between these two is not sufficient to make Silver Indicative Forward Mid Rates a reliable benchmark such that deviations from it support a claim of irrational pricing animated by anticompetitive aims.”

Earlier this year, Judge Engelmayer also dismissed another consolidated private claim that alleged that JP Morgan had abused its power in the silver futures market. Judge Engelmayer ruled that plaintiffs had failed to show that the bank was attempting to gain further monopoly power in the market.

Up Next – Another Judge Engelmayer Consolidated Case

On June 8, 2016, Judge Engelmayer consolidated a law suit that accuses JP Morgan, Bank of America, Barclays, Citigroup, Deutsche Bank, Goldman Sachs, and Morgan Stanley of anti-competitive behavior in the swaps market.

We will follow this case closely and report when a finding is reached, or when the case is dismissed.

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Further Reading:

Deutsche Bank Settles Gold Price Manipulation Case

Deutsche Bank Settles Silver Price Manipulation Case

Gold and Silver Price Manipulation Alleged

Gold and Silver Manupulation – Actual Examples

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