Credit Suisse Units Settles U.S. Lawsuit For $81M

Credit Suisse Group entities, among six defendants in a lawsuit originally filed by Iowa Public Employees Retirement System and other associations, have agreed to pay $81 million, the first to agree to settle, the law firm Cohen Milstein Sellers & Toll PLLC said, Diane Bartz and Mike Scarcella reported for Reuters reported.

Photo Insert: Credit Suisse

"This first settlement agreement includes both an $81 million cash payment and an obligation on the part of Credit Suisse to provide cooperation to plaintiffs in litigating and ultimately trying their case against the remaining defendants," lawyers for the plaintiffs said in a court filing 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 that the plaintiffs' claims were without merit but "we are pleased to resolve the litigation."

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