Silver Manipulation May Have Just Been 'Hedging': JPMorgan

Law360, New York (May 16, 2012, 4:15 PM EDT) -- JPMorgan Chase & Co. told a New York federal judge Wednesday its large bet against silver during the financial crisis may have amounted to simple hedging, denying putative class action claims that it sought to manipulate the market and reap outsize profits.

The bank asked U.S. District Judge Robert P. Patterson to dismiss allegations that it violated the Commodity Exchange Act and antitrust law by suppressing the price of silver while building up a massive short position in silver futures contracts.

“You can’t rule out the...
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