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.