PHILADELPHIA, Nov. 09, 2018 (GLOBE NEWSWIRE) — Have You Bought or Sold Any NYMEX Platinum Futures or Palladium Futures Contracts and/or COMEX Silver Futures or Gold Futures Contracts, or Any Option on Those Futures Contracts From Approximately January 1, 2009 Through December 31, 2015?
If so, your rights under federal law may have been violated, and you are encouraged to contact John Kehoe, Esq., Kehoe Law Firm, P.C., (215) 792-6676, Ext. 801, [email protected], [email protected], to discuss your potential legal options.
On November 7, 2018, a class action complaint was filed against JPMorgan Chase & Co., John Edmonds and other defendants, as of yet unknown, in United States District Court, Southern District of New York, for the Defendants’ alleged “unlawful and intentional manipulation of gold, silver, platinum, and palladium futures contracts . . . and options on such contracts traded on the New York Mercantile Exchange . . . and the Commodity Exchange, Inc. . . . from approximately January 1, 2009 through December 31, 2015 . . . in violation of the Commodity Exchange Act . . . and the common law.”
According to the class action complaint, the Defendants, “a group of precious metal traders and the bank that employs them,” allegedly
. . . manipulated the prices of NYMEX and COMEX precious metals futures and options contracts during the Class Period using a technique called “spoofing” whereby Defendants routinely placed electronic orders to buy and sell such futures contracts with the intent to cancel those orders before execution (“spoof orders”). Such spoof orders injected materially false and illegitimate signals of supply and demand into the market and were intended to induce other market participants to trade against Defendants’ genuine orders (i.e., orders that Defendants did want to execute) on the opposite side of the market from the spoof orders at prices, quantities, and times at which Plaintiff and the other market participants otherwise would not have traded.
Accordingly, the spoof orders were designed to, and did, artificially move the prices of NYMEX and COMEX precious metals futures and options contracts during the Class Period in a direction that was favorable to Defendants but unfavorable to Plaintiff.
Investors of Gold, Silver, Platinum, and Palladium Futures Contracts or Any Option on Those Futures Contracts
If you have questions or concerns about Kehoe Law Firm’s precious metals-related investigation or your potential legal rights, please contact John Kehoe, Esq., [email protected], (215) 792-6676, Ext. 801, or e-mail [email protected].
Kehoe Law Firm, P.C. is a multidisciplinary, plaintiff–side law firm dedicated to protecting investors and consumers from corporate fraud, negligence, and other wrongdoing. Driven by a strong and principled sense of social responsibility and obtaining justice for the aggrieved, we represent plaintiffs seeking to recover investment losses resulting from corporate wrongdoing or malfeasance, those harmed by anticompetitive practices, and consumers victimized by fraud, false claims, deception or data breaches.
SOURCE: Kehoe Law Firm, P.C.
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