Major Banks Settle $499 Million Stock Lending Dispute

Goldman Sachs, JPMorgan Chase, Morgan Stanley, and UBS have agreed to pay $499 million to settle an antitrust lawsuit accusing them of conspiring to stifle competition in the stock lending market. The settlement also includes EquiLend, a joint venture among the defendants. This brings the total settlements with five banks to $580 million. The banks are accused of boycotting startup platforms and using their positions on EquiLend's board to maintain monopoly control over the market and charge excessive fees to investors. The lawsuit began in August 2017.