Friday, July 16, 2010

Goldman Pays $550 Million to Settle Fraud Case

As reported on New York Times

The investment giant Goldman Sachs agreed Thursday to pay $550 million to settle federal claims that it misled investors in a subprime mortgage product as the housing market began to collapse three years ago.

If approved by a federal judge in Manhattan, the fine by the Securities and Exchange Commission would be only a dent in the balance sheet of Goldman, which earned $13.3 billion last year.

Goldman, which had been under pressure from shareholders to resolve pending investigations, did not admit wrongdoing under the terms of the agreement.

Goldman Pays $550 Million to Settle Fraud Case [via]

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