2016 was the year that institutions such as Wells Fargo and Deutsche Bank lost a great deal of credibility over fraud that they conducted against customers, investors, and the overall markets. And while Wells Fargo did their best to lie even to Congress about their creating millions of fraudulent accounts and credit cards without their customers knowledge, Deutsche Bank came clean and are now even offering an apology to investors in a national newspaper.
Deutsche Bank took out full-page ads in Germany's Frankfurter Allgemeine Zeitung and Sueddeutsche Zeitung on Saturday, in which the country's biggest lender apologized for (getting caught) engaging in market manipulation and misconduct that has cost the company billions. In the ad, signed by CEO John Cryan on behalf of the bank's top management,the bank said its past conduct "not only cost us money, but also our reputation and trust." - Zerohedge
Yet even with all this, the markets have yet to hear from perhaps the greatest gold and silver manipulator of all. And this despite the fact that a higher court earlier this week overturned a lower court ruling that had dismissed lawsuits against J.P. Morgan for their rigging of prices in the precious metal markets.
Appeals Court Overturns Dismissal in JP Morgan Silver Rigging Case
- US Appeals Court overturns Dismissal in Silver Rigging Case against JPMorgan
- The Appeals court rejected Judge Engelmeyer’s claim that the plaintiffs did not prove JPMorgan made “uneconomic bids” in the silver forward’s markets.
- New Discovery May Win the Case for against JPMorgan
The New York 2nd U.S. Circuit Court of Appeals ruled yesterday that District Court Judge Engelmayer was in error when he dismissed the Silver price rigging lawsuits against JP Morgan. The appellate court felt that Engelmayer’s dismissal reasons amounted to “impermissible fact finding” and placed too high of a bar in concluding that plaintiffs had not adequately plead their case.
This reversal of the June, 2016 dismissal means the case will go back to the district court for further litigation. This also means the plaintiffs will ask for and receive more discovery. This can win the case for them. - Market Slant