Tr?id=566623520170033&ev=PageView&noscript=1

Goldman Sachs and JPMorgan Join $500 Million Lawsuit Settlement

Posted on September 15th, 2023 at 1:35 PM
Goldman Sachs and JPMorgan Join $500 Million Lawsuit Settlement

From the desk of Jim Eccleston at Eccleston Law 

Goldman Sachs Group Inc., Morgan Stanley, JPMorgan Chase & Co., and UBS AG have agreed to settle an antitrust class action by pension funds over their control of the market for stock loans for hedging and short selling, according to Bloomberg Law.

According to a court filing by the pension funds in Manhattan federal court, the four banks will pay $499 million and cooperate in the litigation against Bank of America Corp., the sole remaining defendant. Credit Suisse AG settled the claims against it last year by agreeing to pay $81 million.

The plaintiffs, led by the Iowa Public Employees’ Retirement System, have requested US District Judge Katherine Polk Failla to preliminarily approve the settlement as "fair, reasonable, and adequate." In 2017, they filed a lawsuit accusing the major banks of colluding to obstruct the development of all-electronic trading systems that match lenders and borrowers of stock.

 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

Tags: eccleston, eccleston law, goldman sachs

Return to Archive

TESTIMONIALS

Previous
Next
Quotes Bigger

That is just fantastic! Thank you very much!

Julie N.

LATEST NEWS AND ARTICLES

1790355869 Law
September 25, 2026
SEC Bars Advisor for Unauthorized Trades and Client Data Misuse

A California-based investment adviser has agreed to a three-year industry bar and $266,000 in monetary sanctions after the Securities and Exchange Commission (SEC) accused him of making unauthorized trades, transferring confidential client information to a newly launched registered investment adviser, and concealing his termination from a former...

1790276008 Law
September 24, 2026
FINRA Proposes Expanded Fraud Protections and Trusted Contact Flexibility

The Financial Industry Regulatory Authority (FINRA) has sent three proposed rules to the Securities and Exchange Commission (SEC) for approval.

1790182800 Law
September 23, 2026
SEC Warns Investors About Pre-IPO Investment Scams

The SEC's Office of Investor Education and Advocacy (OIEA) has issued an Investor Alert warning investors about scams that falsely offer opportunities to purchase "pre-IPO" shares of companies.