- NEW ORLEANS (Dow Jones) --
Barrick Gold Corp. and J.P. Morgan Chase & Co. have been accused of
"unlawfully combining to actively manipulate the price of gold"
and making $2 billion in short-selling profits "by suppressing the
price of gold at the expense of individual investors."
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- The accusations were made in an anti-trust lawsuit filed
Wednesday by Blanchard & Co. of New Orleans, the largest retail dealer
in physical gold in the U.S., and by Blanchard clients who bought gold
bullion.
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- In a news release, Blanchard & Co. said it's paying
the costs of the lawsuit, which seeks to terminate the trading agreements
between Barrick and J.P. Morgan Chase and other, as yet unnamed, bullion
banks.It said the suit also seeks the payment of treble damages to Blanchard's
clients for the losses suffered as a result of Barrick's and J.P. Morgan
Chase's "unlawful price manipulation, anti-trust violations and unfair
trade practices."
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www.SaveGold.com, is being set up to provide ongoing information.
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- Officals at Barrick Gold weren't immediately available
for comment. Officials at J.P. Morgan Chase & Co. were not immediately
available for comment. Blanchard & Co.'s suit alleges that its clients
"suffered substantial losses" as a result of Barrick Gold Corp.'s
and J.P. Morgan Chase & Co.'s " unlawful price manipulation, anti-trust
violations and unfair trade practices."
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