Weekend Homework

Fri, Sep 16, 2011 - 10:41am

A friend and loyal Turdite sent me this earlier today. Dated 9/12/11, it is the amended and final version of the class action lawsuit against JP Morgan regarding manipulation of the silver futures market.

This is a detailed and lengthy read. Frankly, so far I've only had time to skim it but, from what I've seen, it confirms in stunning detail what we have long suspected about "Evil Empire" manipulation and scare tactics. Please take the time to ingest all of this information and use the comments below to discuss the implications.

11-09-12 FINAL Consolidated Class Action Complaint

About the Author

turd [at] tfmetalsreport [dot] com ()


Dr G
Sep 16, 2011 - 10:58am

Really fascinating stuff,

Really fascinating stuff, I've also only skimmed it, but it's very direct and states what we all know--JPM is the King of Shorts. I love allegation #4 (market manipulation). Ahh hell, who am I kidding, I love all of the allegations.

I can't help but feel though, as I'm reading it, that JPM is so big and powerful that nothing will come of this. Likely a slap on the wrist to the tune of a several million $ fine. Let's face it, big business, lobbyists, they make the law. They don't heed the law. Same with politicians that don't pay taxes.

Too big to fail = too big to be sued and found guilty?

Sep 16, 2011 - 11:13am

Don't forget that under the

Don't forget that under the last two administrations, no banksters have gone to jail and all actions have been settled with fines or not guilties. The Federal Courts are now in the "bought and paid for" category of "politicians" as reflected in the Citizens United ruling by the Supremes. Let's hope this is pressed to the maximum and results in criminal charges coming out of Justice. However, the CFTC and SEC (only civil authority and will not forward criminal cases) will remain asleep at the wheel. We need some State AGs and Judges to take back the country from the oligarchies. The only way to deal with the Feds at this point is to exercise State Jurisdiction where authorized and NOT SETTLE.

Sep 16, 2011 - 11:16am

Banksters and Their Bought Friends

Also, remember that the agencies such as the SEC and CFTC bring civil actions and then settle with agreements to not hold individuals criminally responsible with no admission of guilt. This effectively blocks Fed Criminal Action and probably would screw up state actions when the agreements are put before a state jury. This is fraud by our regulators but protects the bad guys.

Sep 16, 2011 - 11:17am

I wonder how many years we

I wonder how many years we will have to wait for the wheels of justice to revolve around this one..... chances are that "national security" issues will trump this lawsuit - after all if the truth was ever told it would devastate the US of A. 

Sep 16, 2011 - 11:39am

I've registered for that suit..

The problem with the suit is it only is that you are only eligible if you had silver futures or SLV. At the time I was 95% in silver stocks, which even though they were hurt worse than bullion are not eligible for claims. Even CEF is disallowed.

Sep 16, 2011 - 11:41am

can someone throw it in a pdf format, i don't have google accoun

can someone throw it in a pdf format, i don't have google account,thx

Sep 16, 2011 - 11:41am

Say Goodbye to Silver $30! That's a strange feeling not to see

silver 39 again. PM are so bullish if I won't see silver 43-45 next week I'm going to hang myself.

Sep 16, 2011 - 11:45am

balu wrote: can someone throw

balu wrote:

can someone throw it in a pdf format, i don't have google account,thx

balu, just click the "Download" button at the bottom of the document.

Tom L
Sep 16, 2011 - 12:03pm

I'm waiting for the CA Suit

against those that went after SVM. Now that's going to be a good ol' time.


Sep 16, 2011 - 12:19pm


This is good stuff... The information in the first several pages basically pins the Morgue to the wall. Definitely will be reading the entirety of this doc. 



~Handmade Quality Bullion~

Sep 16, 2011 - 12:25pm

If I won't see silver 43-45 next week I will hand myslef

At the weekend we are going to hear some good news for PM. Today is a historic day, we will never see silver $39 again.

Sep 16, 2011 - 12:29pm

Congratulations APMEX on move to Trump Towers !

APMEX 100% Monedas friendly all the time ! Take heed Kitco and stick to selling the PMs ! Monedas 2011 Hoarding is Stacking !

cpnscarlet SilverBoy
Sep 16, 2011 - 12:34pm

@SilverBoy - Brave words,

@SilverBoy - Brave words, wanna back that up? I keep making wagers and no one will take one. Are the Turdites that full of hot air? Gentlemen back up their boasts with wagers.

One silver round (private mint) that we will see under $40 at least once more this year. C'mon - that's not much and I want you to win.


Sep 16, 2011 - 12:35pm

Kudos to Senior Turd once again

I kind of recall his mentioning the rally would resume late this week.

I would have thunk not till after fed meeting, but there is almost daily major economic PM friendly news if you read it the right way and not with spin.

Sep 16, 2011 - 12:37pm

My oh my

May Justice Prevail

"These means include (a) a dominant and manipulative short position and market power manipulation; (b) repeated manipulative and uneconomic trades and trade manipulation; (c) false trades made to facilitate a trade manipulation; and (d) other acts."


Turd has this before zerohedge? Very sly Turd! Will be reading the entirety.

Sep 16, 2011 - 12:37pm

Class Suit

If this is true than there is hope for my Class Action Suite. Strange that I have not heard anything from them???

Thanks for the post!!!!!!!!

Sep 16, 2011 - 12:40pm

The implications?

The one that really matters: higher PM prices

In the US of O ('bottom) that's about the only form of justice these f*ckers will be exposed to. They'll get even richer writing books about how they screwed the little people.

Like Lehman's Dick Fuld: not so much as an indictment. And now he's writing a "tell all". Tell all that serves his interests that is.

If these scumbags were REAL criminals (such as producers of raw milk and Non-GMO family farmers), you'd see Eric Holder's Justus bitchez fly into ultra-heroic action!

Sep 16, 2011 - 12:42pm

I'll read it over the

I'll read it over the weekend...thanks Turd

Sep 16, 2011 - 12:57pm


Weekend material. I might even print it out.

I have a bunch of legal documents (unfortunately) I've had to read over the last 5+ years so I'm pretty good at ciphering some of this stuff for a regular guy with no legal background. It's a different language for sure.

(Nothing horrible going on. Just a career ending injury. I'm still upright and it could have been much worse. Therefore, I'm blessed.)

BTW...Thanks T for the legal document. I'll probably swear at it and gesture a bit as I go through it and say things like "Aha!"

Sep 16, 2011 - 12:58pm

just ten years ago...

millions seemed like a lot of money. billions was just a mythological figure that couldn't be comprehended because it was just an ungodly amount. but these days we throw around millions, piss on billions and waste TRILLIONS. inflation is here. arm yourselves with PM's.

Sep 16, 2011 - 1:01pm

Senator Ev Dirksen quote (from the 1960's)

" A billion here a billion there: pretty soon it adds up to real money"

Michael222 balu
Sep 16, 2011 - 1:01pm
Sep 16, 2011 - 1:07pm

And what did Martha do to get thrown in jail?

Make a few $$ on insider trading. Wow, someone must really have hated Martha. If justice prevails and is equal to the crime, someone at JPM should receive the death penalty!! LOL.

Sep 16, 2011 - 1:17pm



Sep 16, 2011 - 1:21pm

Turd, I'm Feeling Slighted . . .


I'm not feeling the love from you, brother.

Back on May 23, 2011, I posted three times about this:


"For all who asked:

On October 28, 2010, a sophisticated, experienced law firm filed a class action lawsuit against JP Morgan Chase & Co., and all of its related entities, as well as HSBC Holdings PLC and its related entities. The class action complaint alleges that these defendants unlawfully manipulated the price of the COMEX silver futures and options contracts from at least March 1, 2008 to the present, in violation of the Commodity Exchange Act (7 U.S.C. section 1, et seq.), and section 1 of the Sherman Antitrust Act (15 U.S.C. section 1). Forty additional actions were filed against the same defendants alleging the same facts and violations of law.

In February 2011, the Judicial Panel on Multidistrict Litigation ordered that all similar actions be consolidated for all pretrial proceedings.

That case number is 1:11-md-02213-RPP. If anyone wants to look this case up, please just google PACER, and sign in. Run a Query, insert that case number, and pull up the Docket sheet. Any document filed is available for $0.08 per page.

The next post is a detailed summary.

* * *

Part two:

The lead Plaintiff is Paul Kaplan, who is an experienced silver trader. Since before March 2009, Mr. Kaplan, has investigated whether a small number of market participants with large short COMEX silver futures positions depressed, and were continuing to unlawfully depress, COMEX silver futures prices.

Mr. Kaplan's investigation included analyzing voluminous market and trading data of COMEX silver futures contracts as well as bid/ask data, and providing information to the CFTC regarding suspicious trading in silver futures contracts which appeared to be de-linked from legitimate market fundamentals.

In January 2010, Mr. Kaplan was interviewed in person by high-ranking CFTC Division of Enforcement personnel at the CFTC's offices in Manhattan. Following his interview, and throughout 2010, Mr. Kaplan has continued to have direct communications with high-ranking CFTC Enforcement personnel, including CFTC Commissioner Bart Chilton, regarding the claims alleged.

The plaintiffs' law firm, Lowey Dannenberg, has also built upon the intensive investigation undertaken over the last two years by its client Paul D. Kaplan, and has:

(a) obtained and reviewed the definitive COMEX silver futures trading data set, including
"bid and ask" market depth and intra-day time and sales data;

(b) consulted with a former NYMEX Director with extensive NYMEX futures trading experience concerning the review and analysis of silver trading data;

(c) analyzed the price patterns of the COMEX silver futures contracts prices, and related contracts and commodities, in light ofthe Defendants' conduct, and their structure and financial motives;

(d) interviewed COMEX silver futures traders with hundreds of millions of dollars in silver futures transactions during the proposed class period;

(e) interviewed COMEX floor traders and members familiar with the COMEX market activity in the silver futures contracts during the proposed class period;

(f) interviewed market analysts and other COMEX metals market participants.

Part three follows.

Part three:

For those of you who need a bit of background.

A class action lawsuit is one where a representative sues on behalf of other persons similarly situated. The purported "class representative" files the lawsuit. The class representative then must prove to the court that he or she is a proper class representative, and that the lawsuit is properly filed as a class action.

There comes a time down the road when the court "certifies" the lawsuit as a class action.

The real battle is over certifying the class. Once it is likely that the class will be certified, the defendants usually settle. The plaintiffs' lawyers make a ton of money, and the members of the class get some small change for their status as being members of the class.

There are tons of rules about this. I cannot possibly begin to explain all of it or give out advice, nor will I. If anyone feels inclined, please do get a lawyer and join up with the class. I have provided below, the names and contact information for the lawyers actually involved in the case.

The Court appointed the firm Lovell Stewart Halebian Jacobson LLP, by Christopher
Lovell, as Interim Plaintiffs' Lead CounseL
Lovell Stewart Halebian Jacobson LLP
Christopher Lovell
61 Broadway, Suite 501
New York, New York 10006
Tele: (212) 608-1900

The Court appointed the following to the Interim Plaintiffs Steering Committee.
Labaton Sucharow, LLP
Bernard Persky
140 Broadway
New York, NY 10005
Tele: (212) 907-0868

Lowey Dannenberg Cohen & Hart, P.c.
Vincent Briganti
White Plains Plaza
One North Broadway
Suite 509
White Plains, NY 10601
Tele: (914) 997-0500

Hausfeld LLP
William P. Butterfield
1700 K. St. NW, Suite 650
Washington, DC 20006
Tele: (202) 540-7200

Cohen Milstein Sellers & Ton PLLC
J. Douglas Richards
88 Pine Street
14th Floor
New York, NY 10005
Tele: (212) 838-7797

I hope that all goes well, and that the manipulation is stopped. If anyone suffered losses, my only suggestion is to get involved, perhaps by contacting one of the plaintiff's lawyers, or for sure by getting legal advice from a lawyer of your choice.

I do not have any expertise on class actions, nor do I want to get involved as a lawyer on this case. My only role here is to point out the lawsuit, and let you all make your own decisions.

Best of luck to all.

Sep 16, 2011 - 1:36pm


This document is very different to the original one - to say it is amended would be a major understatement

Sep 16, 2011 - 1:53pm

@Tabberto - I Hear You

Let me just weigh in a bit. I was trying to be humorous about this important development, but obviously, I failed miserably. Maybe I should tell a lawyer joke?

Did you hear how cold it was last winter? The lawyers had their hands in their own pockets.

Anyhow, here is the point. No law suit is static. This JPMorgue filing was a HUGE development back in May. There were many different class action lawsuits filed all over the country. I urged those affected to get involved, by contacting the appropriate lawyers listed on what I believed would ultimately emerge as the lead group of Plaintiffs' attorneys. I sure hope those of you affected did indeed jump in.

The rest of the story, if you will, is that these class action complaints rarely, if ever, result in any justice to the affected plaintiffs. Instead, the attorneys gobble up the large fees, and some fine is paid, some pittance of a settlement results, and that is that. Nothing changes, really.

Maybe this one will be different, who knows?

Anyhow, I will get around to reading the 100+ pages of the consolidated class action complaint and chime in when I can.

Take care!

Dr G
Sep 16, 2011 - 1:59pm

@Ca Lawyer

We love you, your posts and analysis on various subjects. Keep it up!

Sep 16, 2011 - 2:05pm

if I won't see silver 43-45 next week I'm going to hang myself

You got balls man, even if only for saying that :)

Sep 16, 2011 - 2:09pm

Thanks Dr. G!

I too, enjoy your witty, thought provoking posts. Thanks for the kind words. I fully intend to keep posting, and will of course do so when I have something meaningful to add.

I just downloaded the amended complaint, I will get to it later.

Have a great weekend!

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