Goldman, JPMorgan Join $500 Million Stock-Lending Suit Pact (1)

Goldman Sachs Group Inc., Morgan Stanley, JPMorgan Chase & Co. and UBS AG agreed to pay nearly $500 million to settle an antitrust class action by US pension funds over the banks’ control of the market for stock loans used for hedging and short selling.

According to a Wednesday court filing by the pension funds in Manhattan federal court, the four banks agreed to pay $499 million and also cooperate in the litigation against Bank of America Corp., the sole remaining defendant. Credit Suisse AG last year agreed to pay $81 million to settle the claims against ...