Wacker vs. JPM lawsuit

pmbug

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On June 29, 2016, US District Court Judge Paul Engelmayer dismissed a lawsuit against JP Morgan Chase & Co. which alleged that the bank had engaged in extensive manipulation of the price of silver, in violation of both state and federal antitrust laws. The plaintiffs appealed. On February 1, 2017, the US Appeals Court for the 2nd Circuit Court of Appeals held that their complaint contained sufficient factual matter, accepted as true, to state a claim to relief that is plausible on its face. This reverses the lower court and revives the lawsuit.
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http://averybgoodman.com/myblog/201...anipulation-lawsuit-revived-by-appeals-court/

From the court's decision:
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The District Court concluded that Plaintiffs failed plausibly to allege the element of “willful acquisition or maintenance of monopoly power” or “anticompetitive conduct” as required to state a claim under Sherman Act § 2 and NY GBL § 340. Shak v. JPMorgan Chase & Co. et al., Nos. 15 Civ. 992, 15 Civ. 994, 15 Civ. 995, 2016 WL 3637105, at *10 (S.D.N.Y. June 29, 2016) hereinafter “District Court Opinion”); see also Shak v. JPMorgan Chase & Co., 156 F. Supp. 3d 462, 490 (S.D.N.Y. 2016). Specifically, it held that Plaintiffs did not sufficiently plead that Defendants intended to rig the market at their counterparties’ expense, or that Defendants made “uneconomic bids” in the first instance. We disagree.
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http://averybgoodman.com/myblog/wp-...r-v-JP-Morgan-Silver-Manipulation-Opinion.pdf

:popcorn:
 

rblong2us

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Can you translate this Bug ?
Kinda going over my head

I was rather hoping it would be about compaction plant blatting JPM employees into a thin layer .....
Wishful thinking obviously
 

pmbug

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Lawsuit alleges JPM manipulated silver market. Judge in a lower court that was hearing the case dismissed the case because of, essentially, insufficient evidence. Appeals court reviewed the case and reversed the lower court's ruling.

So, the case will proceed. JPM will now have to face discovery. Plaintiffs will be able to demand JPM produce all manner of internal documents related to their trading desks and business as well as answer questions under oath.
 
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