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Updated 21:50 26/09/20

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JPMorgan defeats silver manipulation claims

Duncan Richardson, News Editor
28 Mar 2014, 11:05 a.m.

Silver investors have failed to show that JPMorgan violated antitrust and commodities laws by manipulating the price of silver.

The class action lawsuit was initiated by investors claiming that JPMorgan conspired to accumulate large short positions and then initiate fake trades during periods of light trading.

The panel, appointed by the court, confirmed, “an inference of intent cannot be drawn from the mere fact that JPMorgan had a strong short position."

JPMorgan is not the only financial institution under scrutiny as authorities around the world shift their focus from investigating interest rate benchmarks to the currency and commodity markets.

Deutsche Bank recently decided to sell its seat on the gold fix following an investigation by the German regulator into possible gold price manipulation. British regulator, The Financial Conduct Authority, is also undertaking its own investigation into potential rigging of the precious metals market.

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