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

Thank you for your professional assistance with this matter. You are very good at what you do.

John T.

LATEST NEWS AND ARTICLES

May 8, 2025
All 50 States Now Aligned on Annuity Sales Standards

The annuity industry officially has secured uniformity in sales regulations across all 50 states.

May 7, 2025
Jury Finds Investment Advisor Liable for Failing to Disclose Annuity Commissions

A federal jury in Massachusetts has found investment adviser Jeffrey Cutter and his firm, Cutter Financial Group, liable for violating federal securities law by failing to disclose significant upfront commissions and conflicts of interest related to an annuity replacement scheme.

May 6, 2025
SEC Charges Three Individuals in $284 Million Arizona Sports Complex Bond Fraud by Legacy Cares

The Securities and Exchange Commission has filed a civil enforcement action against Randall “Randy” Miller, Chad Miller, and Jeffrey De Laveaga for allegedly defrauding investors in two municipal bond offerings that raised $284 million.