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US: JPMorgan dodges silver price-fixing suit

By  |  March 18, 2013

JPMorgan Chase & Co has reportedly won its request to have a case accusing the bank of colluding to drive the price of silver down. The case, initiated by investors across the country, was dismissed on Monday by US District Judge Robert Patterson in Manhattan, who decided that the investors did not show JP Morgan abused its ability to influence silver prices nor that it “intended to cause artificial prices to exist.” At least 43 complaints were filed by the investors in 2010 and 2011; the complaints accused banks of price-fixing silver, leading to hundreds of millions of dollars in profit. JPMorgan was joined by 20 other unnamed individuals as defendants after HSBC Holdings Plc was dropped from the case.

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