Case Page

 

Case Status:    DISMISSED    
On or around 09/12/2011 (Other)

Filing Date: December 07, 2010

According to the press release dated December 27, 2010, The lawsuit alleges that JPMorgan, the custodian of silver backing SLV securities and the sub-custodian of silver backing SIVR securities, and HSBC, the custodian of silver backing the SIVR securities, manipulated and suppressed the price of silver bar financial products, including SLV and SIVR, in violation of Section 9 of the Securities Exchange Act.

The case is also brought on behalf of investors who purchased or sold CME Group Inc’s “COMEX” silver futures or options contracts which are traded electronically through the Chicago-based “GLOBEX” platform and through COMEX. On behalf of these investors, the lawsuit alleges violations of the anti-manipulation provisions of the Commodity Exchange Act.

On February 17, 2011, the case was transferred to the United States District Court for the Southern District of New York, case number 11-cv-01097. The case is part of Multidistrict Litigation titled In re: Commodity Exchange, Inc., Silver Futures And Options Trading Litigation, case number 11-MD-02213.

According to Case Management Order No. 2 entered on March 2, 2011, the Court appoints the firm Lovell Stewart Halebian Jacobson LLP, by Christopher Lovell, as Interim Plaintiffs' Lead Counsel. The Court appoints the following to the Interim Plaintiffs Steering Committee, as set forth in this Order. The members of the Interim Plaintiffs' Steering Committee shall consult with Interim Plaintiffs' Lead Counsel to plan and coordinate the plaintiffs' pretrial activities and prepare for trial. Plaintiffs have sixty (60) days from the date of this Order to file the Consolidated Class Action Complaint (CCAC) in this matter.

According to the Consolidated Class Action Complaint filed on September 12, 2011, the action contains claims in violation of the Commodities Exchange Act and the Sherman Act. The action no longer contains securities class action violations.

COMPANY INFORMATION:

Sector: Financial
Industry: Misc. Financial Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: SLV
Company Market: ETF
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 10-CV-07768
JUDGE: Hon. Charles R. Norgle, Sr
DATE FILED: 12/07/2010
CLASS PERIOD START: 03/01/2008
CLASS PERIOD END: 12/07/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Miller Faucher and Cafferty LLP
    30 North LaSalle Street, Miller Faucher and Cafferty LLP, IL 60602
    312.782.4880 ·
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 11-CV-01097
JUDGE: Hon. Charles R. Norgle, Sr
DATE FILED: 02/17/2011
CLASS PERIOD START: 03/01/2008
CLASS PERIOD END: 12/07/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Miller Faucher and Cafferty LLP
    30 North LaSalle Street, Miller Faucher and Cafferty LLP, IL 60602
    312.782.4880 ·
No Document Title Filing Date
No Document Title Filing Date