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Goldman Sachs Group agreed to a $79.5 million settlement in a lawsuit filed by Fulton County Employees’ Retirement System, Atlanta, in connection with the major bribery scheme involving 1Malaysia Development Bhd.
The $1 billion pension fund originally filed the shareholder derivative lawsuit in U.S. District Court in New York in February 2019, alleging that the bank’s “destructive business culture, which … prioritized the consummation of deals ahead of the proper operation of its compliance functions,” according to the original filing.
According to the plaintiff’s May 13 memorandum supporting preliminary approval of the settlement, the funds will be used entirely for Goldman Sachs’ compliance purposes and the implementation of corporate governance measures “to strengthen the company’s internal controls and prevent future wrongdoing at the company,” according to the filing.
