Breaking News

Goldman Sachs Reaches $5.06 Billion Settlement
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

Goldman Sachs

Summary: For their actions during the financial crisis of 2007 to 2009, the Goldman Sachs Group will pay $5.06 billion to settle claims.

To settle claims of misleading mortgage bond investors during the 2007 to 2009 financial crisis, Goldman Sachs Group Inc. will pay $5.06 billion. The U.S. Department of Justice says the settlement was announced in January for their actions in packaging, securitizing, marketing, and selling residential mortgage-backed securities during the crisis.

  
What
Where


Read Goldman Sachs’ Profits Hurt by Litigation Costs to learn more.

Billions of dollars in losses were felt by investors during the two years for securities bought. The settlement is made up of a $2.385 billion civil penalty and $1.8 billion in relief for homeowners that had mortgages go above the value of their property and distressed borrowers. Goldman will also pay $875 million for a claim brought by the New York and Illinois attorneys general, the Federal Home Loan Banks of Chicago and Seattle, and the National Credit Union Administration.

Read Goldman Sachs to Pay $1.1 Billion to Settle Claims with Federal Housing Finance Agency.

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




A state and federal working group, formed to investigate any wrongdoing of the pre-financial crisis, negotiated the settlement. The group also reached settlements with other financial institutions including a $13 billion for J.P. Morgan Chase, $16.6 billion for the Bank of America, $7 billion for Citibank, and $3.2 billion for Morgan Stanley.

See Goldman Sachs at Risk of Facing Civil Lawsuit.



Goldman released a statement saying, “We are pleased to put these legacy matters behind us. Since the financial crisis, we have taken significant steps to strengthen our culture, reinforce our commitment to our clients, and ensure our governance processes are robust.”

Source: http://www.reuters.com/article/us-goldman-sachs-mbs-settlement-idUSKCN0X81TI

Photo: paymentweek.com



 

RELEVANT JOBS

Associate Attorney

USA-FL-Boca Raton

Minerley Fein, P.A., an established law firm in Boca Raton, FL, seeks an associate litigation attorn...

Apply now

Trucking Transportation Attorney

USA-TX-Houston

Galloway’s Houston office is seeking an Associate Attorney with 4 - 5 years of experience in g...

Apply now

Staff Attorney - Housing Stability Project

USA-FL-Tampa

Position Title: Staff Attorney (Full-time) - Home Office Location: Ybor City Position Summary: ...

Apply now

Corporate Paralegal

USA-FL-Aventura

Balfour & Co. Corporate Paralegal Location: Aventura, Florida   Position Summa...

Apply now

BCG FEATURED JOB

Locations:

Keyword:



Search Now

Electrical Engineering Associate Attorney

USA-TX-Austin

Austin office of our client seeks an electrical engineering associate attorney with 2+ years of inte...

Apply Now

Entry to Mid-level Corporate Associate Attorney

USA-GA-Atlanta

Atlanta office of a BCG Attorney Search Top Ranked Law Firm seeks an entry to mid-level corporate as...

Apply Now

Personal Injury Attorney

USA-AZ-Phoenix

Phoenix office of a BCG Attorney Search Top Ranked Law Firm seeks a personal injury attorney with 5 ...

Apply Now

SEARCH IN ARCHIVE

To Top