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

If you are being bothered by the Regulators, call Eccleston Law, you won't regret it.

Rick R.

LATEST NEWS AND ARTICLES

1774034084 Law
March 20, 2026
McKinsey Forecasts Sweeping Changes for Wealth Management Over the Next Decade

The U.S.

1773930497 Law
March 19, 2026
Stifel Faces Proposed ERISA Class Action Over 401(k) Fund Performance

According to ThinkAdvisor, Stifel Financial now faces a proposed class action lawsuit that accuses the firm of mismanaging its profit sharing 401(k) retirement plan in violation of the Employee Retirement Income Security Act (ERISA).

1773851287 Law
March 18, 2026
LPL and Ameriprise Notify Clients of Cybersecurity Incidents Involving Account Access

LPL Financial and Ameriprise Financial Services recently notified certain clients about separate cybersecurity incidents that exposed private information and, in one case, led to unauthorized trading activity.