12 September 2023
Four major banks, including JPMorgan, Goldman Sachs, UBS, and Morgan Stanley, are set to pay nearly $499 million to settle a class action lawsuit accusing them of stifling competition in the stock-lending market. Filed by US pension funds in 2017, the lawsuit alleges that the banks aimed to monopolize the market with their EquiLend system, impeding the growth of new platforms for electronic securities lending.