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2016-04-11 — bloomberg.com
Goldman Sachs Group Inc. will pay $5.1 billion to settle a U.S. probe into its handling of mortgage-backed securities involving allegations that loans weren't properly vetted before being sold to investors as high-quality bonds.
New York-based Goldman Sachs, which announced details of the accord in January, will pay a $2.39 billion civil penalty, make $875 million in cash payments and provide $1.8 billion in consumer relief, according to a Justice Department statement. ... Monday's resolution is the fifth multibillion-dollar settlement reached with U.S. banks resulting from the government's push to hold Wall Street firms to account for creating and selling subprime mortgage bonds that helped spur the 2008 financial crisis. Other banks, including Royal Bank of Scotland Group Plc and Deutsche Bank AG remain under investigation, people familiar with the matter have said. Here's the NY AG's release. source article | permalink | discuss | subscribe by: | RSS | email Comments: Be the first to add a comment add a comment | go to forum thread Note: Comments may take a few minutes to show up on this page. If you go to the forum thread, however, you can see them immediately. |