Gibbs wants to join silver manipulation class action

Law firm Girard Gibbs wants to join silver manipulation class action pig pile

Submitted by cpowell on Fri, 2010-11-12 00:21. Section: Daily Dispatches

Company Press Release via Business Wire
Thursday, November 11, 2010

Girard Gibbs LLP Investigates J.P. Morgan, HSBC for Violations of Antitrust Laws in Silver Futures Trading

Lawsuits Allege that the Banks Manipulated Prices of Silver on the COMEX Exchange

http://www.businesswire.com/news/home/20101111006211/en/Girard-Gibbs-LLP...

SAN FRANCISCO -- Girard Gibbs LLP (www.GirardGibbs.com) is investigating allegations that J.P. Morgan Chase & Co. and HSBC violated federal laws by conspiring to lower the price of silver futures and options contracts. The banks are accused of accumulating heavily concentrated positions in silver futures and options on the Commodity Exchange Inc. (COMEX), beginning in early 2008.

Lawsuits have been filed against HSBC and J.P. Morgan Chase & Co, alleging that the banks manipulated the prices of COMEX silver futures by building up large short positions in silver futures contracts they had no intent to fill, in order to force silver prices down at a time when silver should have been trading at higher levels.

The banks' actions are being investigated by the U.S. Department of Justice as well as the U.S. Commodity Futures Trading Commission (CFTC). On October 26, 2010, CFTC Commissioner Bart Chilton issued a statement, saying:

"[I] believe violations to the Commodity Exchange Act have taken place in silver markets and that any such violation of the law in this regard should be prosecuted."

If you bought or sold COMEX silver futures since March 1, 2008, Girard Gibbs is interested in speaking to you. If you wish to discuss our investigation or have any questions concerning your rights in this case, please contact attorney Elizabeth Pritzker (ecp@girardgibbs.com) at Girard Gibbs LLP or call us at 866-981-4800.

Girard Gibbs LLP, with offices in San Francisco and New York, is one of the nation's leading law firms in prosecuting class actions and other lawsuits on behalf of consumers and investors.