JPMorgan (NYSE:JPM), HSBC (NYSE:HBC) Have Class Action Lawsuit Filed Against Them Over Silver Manipulation

Buyers and sellers of silver, including a large number who had invested in iShares Silver Trust (NYSE:SLV) and ETF Securities Ltd. Silver Trust (NYSE:SIVR) have filed a class action lawsuit against JPMorgan (NYSE:JPM) and HSBC (NYSE:HBC), with Cafferty Faucher LLP representing them.

The period of time where the alleged manipulation of silver occured started on March 1, 2008 through the present.

A press release said, "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.

"If you purchased or sold the iShares Silver Trust ETF (NYSE-Arca “SLV”) or the ETF Securities Silver Trust (NYSE-Arca “SIVR”) securities during the period March 1, 2008 through the present, you may move the Court to serve as lead plaintiff within 60 days. The lawsuit, Case No. 1:10-cv-07768, was filed in the Northern District of Illinois on December 7, 2010 and is currently assigned to the Honorable Charles R. Norgle, Sr."

The class also includes "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."

JPMorgan closed Monday at $42.67, gaining $0.59, or 1.40 percent. HSBC closed at $51.20, down $0.27, or 0.52 percent. iShares Silver Trust ended the session at $28.59, down $0.02, or 0.07 percent. ETFS Physical Silver Shares closed Monday at $29.15, level from the prior session close.