A lawsuit filed by investors accusing Goldman Sachs, JPMorgan Chase, Morgan Stanley and UBS of conspiring to stifle competition in the stock lending market has been settled for $499 million.

An announcement of the settlement was made on Wednesday in Manhattan federal court, and it requires the approval of a judge. EquiLend, a joint venture between the defendants, is also covered.

A total of $580 million has been settled with five banks, including $81 million in February 2022 with Credit Suisse, which UBS acquired in June.

As part of the settlement, they agreed to cooperate with the investors in their lawsuit against Bank of America.

A spokesman for Bank of America and a spokesman for UBS declined to comment. Requests for comment from the other banks were not immediately answered.

Since 2009, investors have accused banks of boycotting startup platforms to relegate the stock lending market to “the stone age.”

The banks used their positions on EquiLend’s board to maintain monopoly control over the market and charge investors excessive fees.

In August 2017, the lawsuit was filed.