Goldman Sachs reach $79.5 Million Agreement with Shareholders over 1MDB Scam

Goldman Sachs Marqeta

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.

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