Final Approval Granted in $580M Stock Loan Settlements

If you, directly or through an agent, engaged in stock loan transactions with Goldman Sachs, Morgan Stanley, JPMorgan, UBS, Credit Suisse, or Bank of America Merrill Lynch in the United States from January 7, 2009, through August 22, 2023, you may be eligible to claim a portion of a $580,008,750 class action settlement.

These financial institutions have agreed to settle a class action lawsuit for allegedly conspiring to block and boycott new offerings that could have enhanced competition and market efficiency.

The Court has granted final approval of the settlements and will be moving to distribute claims to class members who submitted valid claim forms.

Who are the class members?

You are a class member if:

• You entered into stock loan transactions with the Prime Broker Defendants or their affiliates in the U.S. during the specified period.
• Transactions must have occurred between January 7, 2009, and August 22, 2023.

The class members are those who directly or through an agent engaged in stock loan transactions with the Prime Broker Defendants or their affiliates in the United States. This includes transactions facilitated by a prime broker or agent lender where the stock is temporarily lent in exchange for collateral.

How Much Can Class Members Get?

The settlement amount of $580,008,750 will be distributed among class members who submitted valid claims. The exact amount each member can receive depends on the number of valid claims filed and the details of each claim.

The distribution will be pro rata based on the 'Credited Claim Value' of each transaction, which considers factors like transaction date, whether the member was a lender or borrower, and the loan cost expressed as an interest rate.

Payment Methods

• Check: Sent to the address provided on the claim form.
• Electronic Transfer: Direct deposit to the bank account specified by the claimant.

$580,008,750 settlement fund

The settlement fund of $580,008,750 will cover:

• Attorneys' Fees: Up to $105,000,000.
• Litigation Expenses: Not exceeding $23,000,000.
• Plaintiff Service Awards: Totaling $500,000.
• Net Settlement Funds: Distributed to class members.

When is the Settlement Payout Date?

The Court has approved the settlements. Class members who filed valid claims will receive their payments after processing is complete. Stay updated by visiting the official settlement website.

Why Was There a Class Action Settlement?

The lawsuit alleged that the Defendants conspired to block new market offerings, maintaining supracompetitive spreads and causing harm to class members. The settlement avoids the costs and risks of further litigation.