Civil Plaintiff
Goldman Sachs Reaches $79.5M Settlement to End Fraud Lawsuit
A federal judge in New York gave preliminary approval to a $79.5 million Goldman Sachs settlement agreement made to resolve claims Goldman Sachs directors bore responsibility for a billion dollar fraud scheme.
Current and former Goldman Sachs directors were accused of allowing the fraud scheme, which involved 1Malaysia Development Berhad bond issuances, to occur by continually failing to abide by their duties to the financial institution.
U.S. District Judge Vernon S. Broderick, the judge overseeing the complaint, in granting the Goldman Sachs settlement motion, determined that the settlement agreement, which was announced in May, is “fair, reasonable and the result of good faith negotiation.”
