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.

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