Thursday, September 15, 2011

HSBC Dropped From Silver Suppression Lawsuit

It appears that The Morgue will be the lone defendant in the massive class action lawsuit alleging market manipulation of silver through the use of naked short sales

HSBC has been dropped from a lawsuit accusing banks of suppressing silver prices after reaching a temporary standstill agreement with plaintiffs’ attorneys.

The London-based bank’s removal leaves JPMorgan Chase as the lone defendant named in the case brought by dozens of silver investors and money managers.
Silver traders afterwards filed more than 40 lawsuits against HSBC and JPMorgan, based in part on the banks’ historically large portfolios of precious metals derivatives.
This week, plaintiffs’ attorneys consolidated the suits into a single complaint and sought class action status in federal court.
JPMorgan said: “These allegations are entirely without merit and we intend to defend ourselves vigorously.”  LOL
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