Credit Suisse to Pay $81 Million to End Lending-Stock Suit (1)

Credit Suisse AG will pay $81 million to resolve a lawsuit by some U.S. pension funds over control of the more than $1 trillion market for stock lending and has agreed to help with similar cases pending against other banks.

It’s the first settlement of a class-action lawsuit filed in 2017 alleging a group of major banks blocked development of all-electronic trading systems that match lenders and borrowers of stock used for short sales. The Credit Suisse agreement was announced in a Feb. 11 court filing in New York.

Pension plans including the Iowa Public Employees Retirement System claimed banks ...