Judge rules against investors in JP Morgan(NYSE:JPM) silver case
Northern, WI 03/20/2013 (avauncer) - JPMorgan Chase & Co (NYSE:JPM) shares down by 0.63% to close at $49.20 won a judge’s ruling that had rejected a bid of reviving claims that the company had manipulated options silver futures and violated U.S anti-trust law. Yesterday, Robert Patterson a U.S district Judge said that any group of investors who are suing the bank already are nor permitted to file any new complaint in the case. He ruled that they had failed to address the legal shortcomings that had eventually convinced him into dismissing the case last December. In a 12-page ruling he wrote that new allegations have been added by the plaintiffs in the proposed amended complaint. He averred that these additions in no way changed or affected the pleading deficiencies that had led to the original dismissal of the first complaint by the plaintiff.
A wider perspective
He added that they had failed in stating the claim. The investors have claimed that JPMorgan Chase & Co (NYSE:JPM) had conspired to suppress the silver futures. They alleged that this was done by the company to bring about a decline in the right to buy or call options and an increase in right to sell options. The investors were seeking to be the representatives for a segment of thousands of other people and companies that either held or traded in silver options and futures on June 26. 2007, or from March 17 2008- Oct 17 2010.
The JPMorgan Chase & Co (NYSE:JPM) spokesperson Jennifer Zuccarelli declined to comment on the court ruling. One of the lawyers who represented the investors did not respond to a voicemail message that sought a comment after standard business hours.