JPMorgan Chase Back in the Hot Seat for Rigging Silver Prices
JPMorgan Chase is back on the list of bullion banks being sued for rigging silver prices and cheating clients. Last week, a New York appeals court overturned a lower court’s dismissal of the suit, paving the way for additional discovery.
The JPMorgan suit has been built largely upon trading data and patterns. This differs from the suit recently settled by Deutsche Bank and still pending against a group of other large banks. The evidence there includes chat logs and voice recordings representing what appears to be “smoking gun” evidence of traders colluding with one another to cheat.
The ruling represents another victory for metals investors in civil court. It is very good news indeed. Years of stonewalling and incompetence on behalf of government regulators and prosecutors had left many feeling angry and frustrated. The civil courts may finally be the solution for holding crooked bankers to account.
About the Author
Clint Siegner is a Director at Money Metals Exchange, a precious metals dealer recently named "Best in the USA" by an independent global ratings group. A graduate of Linfield College in Oregon, Siegner puts his experience in business management along with his passion for personal liberty, limited government, and honest money into the development of Money Metals' brand and reach. This includes writing extensively on the bullion markets and their intersection with policy and world affairs.