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Thursday, February 02, 2017

U.S. appeals court revives JPMorgan silver futures rigging lawsuits

A U.S. appeals court on Wednesday revived three private antitrust lawsuits accusing JPMorgan Chase & Co (JPM.N) of rigging a market for silver futures contracts traded on COMEX.
The 2nd U.S. Circuit Court of Appeals in New York said a lower court judge held hedge fund manager Daniel Shak and two other traders to an excessively high legal standard when deciding last June 29 to dismiss their complaints.
Shak, Mark Grumet and Thomas Wacker accused the largest U.S. bank of having in late 2010 and early 2011 placed artificial bids on the trading floor, harangued staff at metals market COMEX to obtain prices it wanted, and made misrepresentations to a committee that set settlement prices.
The traders said this forced them to post more capital to support their positions in silver futures spreads, and ultimately to liquidate them at heavy losses.

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