Four large banks will pay $499 million to settle a class-action lawsuit levied against them in 2017 by U.S. pension funds over the banks’ alleged attempts to thwart competition in the stock-lending market.
JPMorgan Chase, Goldman Sachs, Morgan Stanley and UBS have agreed to the penalty, and will cooperate in a case against Bank of America, which remains a defendant. Credit Suisse, also a defendant, became the first bank to settle in the case when it agreed last year to pay $81 million.
