The Justice Department have asked for two civil cases against J.P. Morgan Chase be put on hold through the conclusion of a related ongoing criminal case into precious metals activity at the bank.
The Justice Department asked for two civil cases against J.P. Morgan Chase be put on hold through the conclusion of a related ongoing criminal case into precious metals activity at J.P. Morgan Chase.
At the arraignment last week in Chicago federal court, federal prosecutors disclosed that the investigation is still ongoing and said they intend to seek a superseding indictment adding at least one additional defendant within the next thirty days, according to a spokesman for the Justice Department.
In their request for the stay to be extended, prosecutors say that while the criminal case covers a broader range of conduct, events and time covered in the civil lawsuit, there is overlap with the case. Proceedings for the case has been paused since November 30 after David Kovel, the plaintiffs' attorney, sought permission to reopen questioning of two former J.P. Morgan traders, including John Edmonds, and the bank's global head of base and precious metals trading, Michael Nowak.
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