Major Banks Settle $499 Million Stock Lending Dispute
Goldman Sachs, JPMorgan Chase, Morgan Stanley, and UBS have agreed to a $499 million settlement in an antitrust lawsuit filed by investors who accused them of colluding to suppress competition in the stock lending market. The settlement also includes EquiLend, a joint venture between the defendants. Credit Suisse, now owned by UBS, settled for approximately $81 million last year, while Bank of America remains a defendant in the case.