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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