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Press Release Source: Blanchard and Company, Inc.
Blanchard and Company Gold Manipulation Lawsuit Versus Barrick Gold Corporation and J.P. Morgan Chase & Co. Moves Into Discovery Phase Tuesday September 9, 12:11 pm ET
NEW ORLEANS, Sept. 9 /PRNewswire/ -- Blanchard and Company, Inc., the largest retail dealer in physical gold in the United States, received word today from the U.S. District Court for the Eastern District of Louisiana that its case against Barrick Gold Corporation and J.P. Morgan Chase & Co. may now move into the discovery phase of the lawsuit. The Court denied Defendants' Motions to Dismiss Blanchard's Complaint that Barrick and Morgan have violated U.S. antitrust laws by unlawfully combining to manipulate the price of gold and to monopolize the market in gold. The antitrust lawsuit was originally brought in December of 2002.
In denying Defendants' Motions, the Court stated that, "Here, in the extraordinary market for gold and gold derivatives, consumers/investors are readily injured by market participants with sufficient market power to depress price."
Blanchard's CEO, Donald W. Doyle, Jr., stated that, "the Court's decision brings us one step closer to obtaining justice for our clients, and for all gold investors, who have been damaged by Barrick and Morgan." Having already served J.P. Morgan and Barrick with its requests for production, Blanchard expects to move into the discovery process immediately.
-------------------------------------------------------------------------------- Source: Blanchard and Company, Inc.
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