In the largest-ever penalty paid by a Wall Street firm, Goldman Sachs on Thursday agreed to pay $550 million to settle Securities and Exchange Commission charges that it misled investors in a collateralized debt obligation by misstating and omitting key facts. Goldman admitted that it made mistakes and regretted its failure to disclose relevant information. The case was viewed as a bellwether for Robert Khuzami, director of the SEC's Division of Enforcement, and Chairman Mary Schapiro, who vowed to ramp up agency enforcement.
July 16, 2010 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
In the largest-ever penalty paid by a Wall Street firm, Goldman Sachs & Co. on Thursday agreed to pay $550 million to settle Securities and Exchange Commission fraud charges.
Goldman, in the 10-page consent decree, admitted that it made mistakes and regretted its failure to disclose relevant information.
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