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.
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
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.
traders said this forced them to post more capital to support their
positions in silver futures spreads, and ultimately to liquidate them at