FORBES - Traders Accuse HSBC, JPMorgan Of Silver Manipulation
Parmy Olson, 10.28.10, 10:35 AM EDT
Lawsuits allege banks manipulated futures trading by amassing 'enormous short positions.'
LONDON -- Two traders have accused HSBC andJPMorgan Chase of manipulating the price of gold's smaller cousin, silver, in separate lawsuits filed in a Manhattan federal court Wednesday.
The suits allege that the two banking giants amassed "enormous short positions," and follow an investigation by the Commodity Futures Trading Commission (CFTC) ongoing since 2008.
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