WASHINGTON (Reuters) – Credit Suisse Group AG entities, among six defendants in a lawsuit originally brought by Iowa Public Employees Retirement System and other retirement associations, have agreed to pay $81 million, the first to agree to pay settle, the law firm Cohen Milstein Sellers & Toll PLLC said in a statement.
“This first settlement agreement includes both a cash payment of $81 million and an obligation on the part of Credit Suisse to cooperate with the plaintiffs to litigate and ultimately adjudicate their case against the remaining defendants,” the attorneys said. plaintiffs in a case filed late on Friday.
The plaintiffs had accused units of Credit Suisse, Goldman Sachs Group Inc, JPMorgan Chase & Co and three other banks of conspiring since 2009 to keep the stock lending market ‘in the stone age’ by boycotting startup platforms like AQS or Data Explorers. They accused the banks of doing this in order to charge excessive fees to investors.
Credit Suisse said in a statement that it believed the plaintiffs’ claims were without merit, but “we are happy to resolve the dispute.”
(Reporting by Diane Bartz and Mike Scarcella; Editing by Sandra Maler and Chizu Nomiyama)