On February 5, 2019, Judge John G. Koeltl appointed Lowey Dannenberg as interim class counsel in the consolidated class action In re JPMorgan Precious Metals Spoofing, 18-cv-10356 (S.D.N.Y.). The case alleges that JPMorgan manipulated the prices of platinum and palladium futures and options traded on the New York Mercantile Exchange (“NYMEX”) and gold and silver futures and options contracts traded on Commodity Exchange, Inc. (“COMEX”) from least as early as January 1, 2009 through at least December 31, 2015.
Defendant John Edmonds, a former JPMorgan precious metals trader, admitted to manipulating futures prices while employed by JPMorgan using “spoof” orders to inject materially false and misleading liquidity and price information into the precious metals futures contracts markets. Edmonds pleaded guilty to Commodities Fraud and Conspiracy to Commit Commodities Fraud in the District of Connecticut on November 7, 2018. Lowey filed the first complaint shortly after Edmonds’ guilty plea on November 8, 2018.
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