Thursday, October 6, 2016

Federal judge rules in favor of a lawsuit against the LBMA and bullion banks for fraud and manipulation in gold and silver prices

Ever since the 2008 financial crisis, most regulators for all markets have worked with, rather than against the banks that have been found guilty of committing dozens of crimes in the financial system.  From the rigging of currency and Libor rates, money laundering to drug cartels and terrorist organizations, mortgage fraud, and even the most recent instance of millions of cases of identity theft, no one is ever charged with the crimes individuals in these banks commit, and at best are simply fined a small amount compared to the profits they garnered from their fraud.

But on Oct. 3 an interesting ruling came down from a Federal judge for the Southern district of New York where the court ruled in favor of investors that a civil case against central and bullion banks could go forward due to strong evidence of fraud and manipulation in the rigging of gold and silver prices.

MarketSlant has obtained documents regarding the London Gold Fix Scandal currently being litigated in the New York Southern District Court.
They include the Judge's initial findings in the class action suit pitting the LBMA and its member Banks vs. Entities and Individuals that trade Gold and allege they were victims of price manipulation and suppression from January 1, 2004 to June 30, 2013.
In the document dated Oct 3, 2016, presiding Judge Valerie Caproni of the US District Court, Southern District rendered her Opinion and Order in the matter. Judge Caproni has validated that much of the claims have been substantiated and therefore is recommending litigation for many of the claims brought. - Market Slant


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