(Bloomberg) -- Goldman Sachs Group Inc., Morgan Stanley, JPMorgan Chase & Co. and UBS AG agreed to pay nearly $500 million to settle litigation by US pension funds over control of the market for stock lending, according to a court filling.
The 2017 class action in Manhattan federal court claimed the major banks blocked development of all-electronic trading systems that match lenders and borrowers of stock used for short sales. Credit Suisse AG last year agreed to pay $81 million to settle claims against it.
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