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Want to Sue the Bullion Banks?

Jim Richter,  a Georgia attorney and publisher of the Richter Report newsletter, just sent the following email about the growing number of lawsuits accusing the “bullion banks” of manipulating the price of silver.

Some disclosures: Jim is a friend. I have no stake whatsoever (no finders fees or anything like that) in these suits, other than that their success might raise the price of the silver bullion I’ve accumulated over the years. And I can in no way vouch for the attorneys involved or the merits of the case.

But the idea of suing the hell out of the bullion banks is very cool indeed. Here’s Jim’s letter:

John,

As you must know from visiting my website, I am an attorney. For the past several years, I have been telling any of my attorney brethren who would listen about the manipulation of the gold and silver markets. Most attorneys have no clue about how the financial markets work. For a long time, no one would listen. However, with recent developments, that attitude has changed.

During the past couple of months, I have spoken with several law firms which have expressed interest in taking legal action against some of the bullion banks on account of their manipulation of the silver market. As you know, several New York law firms were the first to file. However, the folks with whom I have spoken are also interested in getting involved. Therefore, I thought that I would write to you in order to see whether you might have some ideas which could be helpful.

First of all, the canons of legal ethics preclude any attorney from directly soliciting clients. At most, an attorney can only make it known that he/she is familiar with the issues, and that any person who believes that he/she has been damaged by the conduct of the potential defendants (JPM and HSBC) should feel free to contact the attorney or law firm.

The lawsuits which have been filed thus far allege manipulation of the silver market on the COMEX from mid-2008 to the present. Obviously, anyone who went “long” on silver on the COMEX during 2008, and then got flushed out of his/her position (for a loss) during the bloodbath in 2008 would be a potential plaintiff. That is the theory on which the current lawsuits are premised.

My lawyer contacts believe that there is an additional group of potential class action plaintiffs: anyone who was long silver mining shares in 2008, and who got flushed out of his/her positions during the 2008 debacle. That is a cause of action which has not been included in the lawsuits which have been filed. However, I think that it is a very interesting issue. After all, for every individual who trades on the COMEX, there are many more people who invest in and trade the mining shares. I have no doubt that there are a lot of people who had to bail out of their positions in the silver shares when things went crazy in 2008. I also have no doubt that the manipulation of the COMEX in 2008 had a direct and adverse effect on the silver shares.

That leads me to the reason I am writing. I was wondering if you would be so kind as to pass this email along to anyone you might know who might be a potential plaintiff against JPM or HSBC. Anyone who thinks that he or she might have a cause of action should feel free to contact one (or both) of the attorneys listed below:

1)       Peter Safirstein, of Milberg, LLP, in New York. Here’s a link to his firm’s website: http://www.milberg.com/people/bio.aspx?bioid=56&emptype=34

2)       Jonathan (Jay) Waller. Mr. Waller’s firm is in Birmingham, Alabama. He is an aggressive litigator who sounds very enthusiastic about this whole issue. Here is a link to some information about him: http://www.hsy.com/attorneys.asp?action=indiv&id=316

Thanks for whatever assistance you can give. It would be nice if we could have honest, unrigged markets!

Jim Richter
www.therichterreport.com

10 thoughts on "Want to Sue the Bullion Banks?"

  1. Well, based on the definition of the circumstances that even Ted B. has always defined as being required to exist in order to fulfill the definition of manipulation in action within the marketplace by virtue of a person or organization establishing and/or maintaining an excessively large speculative position compared to the market size as a whole, let alone citing reference to Mr. Christian’s own comments on how “this is just the way the commodities markets operate”… AND let’s not forget his obvious many references to how we small investors are supposed to just sit tight and expect to be clobbered every time contract expiration day comes around simply because there is “nothing unusual or even unexpected” about the banks acting to “defending their positions”, I’m sorry but I just CAN’T see how such an action could in ANY way be considered “manipulative” on our part if it did happen, since no one person, corporation or organization would be taking up any excessively large position in either direction, short or long to begin with! Let alone doing anything other than what we’ve been doing all along which is merely buying silver because we know that they have spent years killing the idea that used to be “money… real silver! And now are obviously intent upon killing the dollar and leaving us holding the bag for them and owing the tab again!

    Then… consider the fact that there would be no concentration of any such excessively large or unfair leverage being utilized by ANY one person, corporation or organization that represents anything that would be even anywhere BEAR noticeable by comparison lets say, to even a single contract being traded! Which remember is 5,000 ounces each and they are STILL sitting on over 55 THOUSAND contracts short right now! And since each and every one of us for years now have become painfully aware of what the experience of feeling “the sphinctometer” get slam hard from zero to infinity on it’s own scale inside our back-sides every damn time they have whispered in our ears on practically EVERY third Thursday of the month… “Pucker up and hold on tight” every since the aftermath of 9-11 in particular, I would have to think that not only would it NOT be manipulative, immoral OR illegal in any way on our part to do so. But actually at the very worst, be far more likely to be refereed to as nothing more than karmic retribution in action delivering justice and returning balance, after way TOO long of a delay in waiting to witness certain wrongs finally being fully righted!

    AND REMEMBER… Just as Mr. Christian himself said… Such action so long as it was is able to be shown and proven as “excessive” in scope on the behalf of any one market participant would simply be nothing more than what is expected to occur in the natural course of “business as usual” for one to act in one’s own best interest when it makes the most sense to do so! Thus it would merely be nothing but the best time for all good men who love their country and want it back from these thieves, to do just that! Which so long as it is done with nothing but a general time table in mind, and without a coordinated effort to act together violates NO law, NO measure or morality, and is at most a miniscule measure of “turn about as fair play”! And in the end amounts to nothing more than the natural evolution of common sense arising in and coming to a level of consciousness in each and every one of us independently, as we simply recognize what would be in the best interest of each of to do separately as we do what is right and in our own best interests and in the best interests of those that we love, AS we continue to do exactly what we always have been doing all long! Which NO ONE can say there is anything wrong with when it merely amounts to accumulating silver for the sake of insuring our own personal warfare and that of our families and loved ones! Which is QUITE the opposite of what these rotten “banksters” have been doing for decades now, as they engage again and again in just the opposite with the full intention to hurt if not destroy the American people and our way of life, (not to mention all the other children of God), by stealing our wealth that way too merely because to do it by deflation first and inflation second just as Thomas Jefferson warned, proved not to be fast enough for them when it came to picking our pockets and then picking our bones like vultures until there is simply nothing left to pick!!!

    And I for one think it’s a damn GREAT idea!

    Here, here!!!

    1. P.S.

      A search of Milberg, LLP’s cases and investigations produced no result for any class action rising from market manipulation. A site search using search terms JPM and HSBC produced no results.

      Using the link provided to hsy.com produced a “server does not exist or access denied” error message.

  2. We need to put together an information campaign that extends to all pro silver and gold folks using all the organizations out there… Put together a plan where everyone makes their quarterly or annual purchase of silver all at the same time just prior to when JP Morgan and Chase and other such trolls silver shorts come due. Everyone from the likes of GATA, Goldseek, Kitco, Dollarcollapse, etc etc will advertise this event. We can call it a Silver Tea Party, Real Money day, whatever and all will promise to purchase on that day or time. There is no multimillionair or Fund that will do this, but if thousands of us coordinated together … just maybe … just maybe. What do you think??

  3. Isn’t Milberg the offspring of the old class action mill law firm that went to jail for paying off plaintiffs to bring phony law suits. A reputable firm indeed.

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