Patterson said “the 'imagination' required to link these conditions, without corroborating factual allegations ... is tantamount to impermissible speculation on the basis of sheer possibility.”
He pointed out that the CFTC has initiated investigations into alleged manipulation twice and has found that no manipulation occurred. Furthermore, the agency has an active investigation that has spanned more than three years and has not resulted in any charges being filed.
The complaint merely pleads facts that could be “consistent with” the defendants liability and “stops short of the line between possibility and plausibility of 'entitlement to relief,'” the judge concluded.
The case was dismissed on December 21, 2012, and the plaintiffs were given 30 days from that time to show good cause as to why leave to file an amended complaint is necessary.Securities Disclosure: I, Michelle Smith, own shares of JPMorgan. Silver Manipulation Case Against JPMorgan Dismissed from Silver Investing News