Goldman Sachs, JPMorgan, Morgan Stanley and UBS to pay $499 million to plaintiffs – Kommersant
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American banks Goldman Sachs, JPMorgan Chase, Morgan Stanley, as well as the Swiss UBS agreed pay $499 million to settle allegations of violating antitrust laws. They reported this yesterday, August 23, in a statement filed in the District Court for the Southern District of New York. The agreement must now be approved by a judge.
Several pension funds and trading firms have accused these and several other banks of colluding in the securities lending market. The plaintiffs allege that the banks used their representatives on the board of directors of EquiLend, a securities lending platform, to maintain monopoly control over the market and charge inflated fees to investors. The agreement also provides for a change in the composition of the board of directors of EquiLend and the number of members in it from each bank, as well as some rules for disseminating information about the work of the platform.
The lawsuit was filed in 2017. Last year, another bank, Credit Suisse, agreed to pay the plaintiffs $81 million. Now, only one bank, Bank of America, has not come to an agreement with the plaintiffs.
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