Goldman Sachs has finally reached an agreement to resolve claim of shareholders of $79.5 million settlement. It related to the company's poor oversight of 1MDB which led to the biggest looting scandal.
A Preliminary settlement, namely as a shareholders derivative lawsuit, was filled on Friday in Manhattan Federal Court. It requires approval from Vernon Broderick, U.S District Judge.
The case is Fulton County Employees’ Retirement System v Blankfein et al, U.S. District Court, Southern District of New York, No. 19-01562.
The defendants’ insurers will pay $79.5 million to Goldman Sachs. This applies toward compliance and governance measures, including granting more power to its chief compliance officer and creating an anonymous hotline for employee tips.
Shareholders are led by ...