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Victory! Blanchard lawsuit against Barrick and Morgan can proceed, judge rules

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  • cxpowell
    5:52p ET Monday, September 8, 2003 Dear Friend of GATA and Gold: Blanchard & Co. s anti-trust lawsuit against Barrick Gold and J.P. Morgan Chase alleging their
    Message 1 of 1 , Sep 8, 2003
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      5:52p ET Monday, September 8, 2003

      Dear Friend of GATA and Gold:

      Blanchard & Co.'s anti-trust lawsuit against Barrick
      Gold and J.P. Morgan Chase alleging their
      conspiracy to control the gold price can proceed
      to trial, a federal judge in New Orleans ruled in
      a decision released today.

      The judge, Helen G. Berrigan, denied a "summary
      judgment" motion by Barrick and Morgan Chase to
      dismiss the lawsuit. She found that Blanchard, the
      New Orleans-based coin and bullion dealer, had
      proven its standing to sue and the appropriateness
      of its claims under the Sherman Act.

      The judge pointedly rejected Barrick's claim to
      be immune from suit as the agent of central banks
      in the implementation of their policy on gold.

      Welcoming Judge Berrigan's decision, Blanchard
      CEO Don Doyle thanked the Gold Anti-Trust Action
      Committee and its consultant, Reginald H. Howe,
      for their work in bringing the first federal lawsuit
      alleging manipulation of the gold price. That lawsuit
      was dismissed on technical grounds in U.S. District
      Court in Boston in March 2002. Doyle said Blanchard
      had learned much from the Howe case and used it to
      build its own case.

      Barrick and Morgan Chase have 10 days to apply
      to Judge Berrigan for permission to appeal her
      decision to the 5th Circuit Court of Appeals. If
      her dismissal of the Barrick/Morgan Chase "summary
      judgment" motion stands, the Blanchard lawsuit
      would proceed with Blanchard empowered to compel
      Barrick and Morgan Chase to produce evidence and
      testimony prior to trial.

      GATA considers Blanchard's victory a triumph for
      gold producers and investors, the free market, and
      a more honest international financial system. The
      Blanchard case now promises embarrassing disclosures
      about secret collusion between Barrick, Wall Street,
      and central banks.

      GATA congratulates and is deeply grateful to
      Blanchard & Co.

      We'll be studying Judge Berrigan's decision
      tonight and hope to share more about it with you
      soon.

      CHRIS POWELL, Secretary/Treasurer
      Gold Anti-Trust Action Committee Inc.

      ----------------------------------------------------

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      ----------------------------------------------------

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