Whether this is misplaced hope or a sign of good things to come is certainly anything but certain. Articles abound regarding recent lawsuits filed against CME and big banks, for example:
I am just buried in pressing deadlines, but my plan is to dig into the CME lawsuit, and give an analytical, critical opinion on the likelihood of that lawsuit surving a 12(b)(6) motion to dismiss as well as the likelihood of any real discovery getting done. Give me some time, and I will complete my analysis and post my thoughts.
For now, though, read these articles, and ask some questions, like these:
(1) Why are these lawsuits getting filed now?
(2) Are these lawsuits any sort of a planned distraction so that we do not focus upon the real swindle?
(3) In light of the other wordly, newsworthy headlines, not the least of which is the outbreak of the Ebola virus in what seems to be a radically more virulent manner, do the lawsuits really matter that much at all in the bigger picture?
(4) Congress, that bastion of buffoonery, has just authorized a law suit against Obummer. Not only does this immediately reek of cowardice, but it seems readily apparent to be unconstitutional on its face. Just like the President could never order Congress to do anything and try to enforce it with a lawsuit, the Congress cannot use the judiciary to force the executive branch to take or cease taking action. Congress is extremely powerful, when acting within the Constitutional framework, that is, as a unified body on behalf of the people. But, when the members, along party lines, vote to allow a lawsuit to be filed against the President, we have truly turned into a banana republic. What's next, defaulting on debts followed by a military coup? How can the third branch do anything but dismiss the lawsuit?
Similarly, understand the nature of judicial relief. Federal lawsuits, especially class actions, are not really conceived to redress a real legal problem. Rather, they are more geared to enrich lawyers who bring them as well as the top tier law firms and their mega wealthy lawyers who defend the elites such as the TBTF banks.
So, unlike the pundits who are selling their books, I am not immediately enamored of all the sudden lawsuits.
Like frequent poster Madhatter wrote at least a year ago, one of the most logical lawsuits that could be filed, if one wanted to truly get to the bottom of the manipulation and suppression issue, is a lawsuit based on either common law fraud, or federal law such as the Sherman Antitrust Act. If the banks were acting together to suppress the price of metal, then that would seem rather clearly to be a "contract, combination or conspiracy in restraint of trade." Why then, is not a single lawsuit filed alleging this?
My theory on this is truly simple. There is no lawsuit because there is NO incentive to do so. There is not enough reward relative to the risk. Until that equation changes, I will not hold my breath.
On the issue of the lawsuits, if one posts a link, I will do my best to download the complaint and take a look at it. So, by all means, post away and include the lawsuits the court and case number if available. Thanks in advance!