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Bloomberg reported that US District Judge Robert Patterson ruled that a group of investors suing JPMorgan Chase & Co. (NYSE:JPM) cannot revive a claim that the bank manipulated silver futures and options prices.
Bloomberg reported that US District Judge Robert Patterson ruled that a group of investors suing JPMorgan Chase & Co. (NYSE:JPM) cannot revive a claim that the bank manipulated silver futures and options prices.
As quoted in the market news:
“None of the allegations added by plaintiffs in the proposed amended complaint cure the pleading deficiencies that led to the dismissal of plaintiffs’ first complaint for failure to state a claim,” Patterson wrote in a 12-page ruling [on March 18].
The investors claimed that JPMorgan conspired to suppress silver futures so that call options, or the right to buy, would decline, and put options for the right to sell would increase. They sought to represent a class of thousands of people and companies that held or traded silver futures and options on June 26, 2007, or from March 17, 2008, to Oct. 27, 2010.