Barrick, Morgan ordered to settle with coin dealer
Tuesday, March 15, 2005
A judge ordered Barrick Gold Corp. and J.P. Morgan Chase & Co. to try to settle a two-year-old lawsuit filed by coin dealer Blanchard & Co. to avoid a 10-day trial scheduled to start in July. Blanchard accused the miner and the banker of illegally profiting from the manipulation of gold prices. Judge Helen Berrigan in New Orleans scheduled a meeting to negotiate a settlement with the companies March 30. "The court feels that the record has developed sufficiently to allow for meaningful settlement discussions," Judge Berrigan said in a ruling posted yesterday on the court's website. Blanchard sued Toronto-based Barrick and New York-based Morgan, accusing them of taking part in an antitrust scheme to suppress the price of gold and making more than $2-billion (U.S.) in profits from the decline through a hedging program. ABX (TSX) fell 31 cents (Canadian) to $30.75. JPM (NYSE) rose 34 cents (U.S.) to $36.45. Bloomberg
